Pioneer Foods shareholders lost about R11bn on 2017 credit rating cuts
The Pioneer acquisition is the largest bid for a consumer-related listed company since AB InBev’s $100bn purchase of SABMiller in 2016
22 July 2019 - 05:10
UPDATED 22 July 2019 - 12:02
SA’s sovereign credit-ratings downgrade in April 2017 appears to have cost Pioneer Foods’ shareholders about R11bn as it apparently spooked a large multinational company into abandoning months of takeover discussions with the owner of brands such as Weet-Bix and Sasko bread.
On Friday, the country’s second-largest food group, whose brands also include Marmite and Ceres juices, among other products, announced that US-based food and beverages giant PepsiCo was offering shareholders R110 a share...
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