Ann Crotty Writer-at-large

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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