on the money
STUART THEOBALD: Flurry of takeover moves creates false idea of a bright future
PepsiCo’s bid for Pioneer Foods is part of a deal-making spree by investors who need nerves of steel and a long-term view
SA’s companies are being targeted in a deal-making spree. Last week, PepsiCo launched a bid for Pioneer Foods, Clover got Competition Commission approval to be bought out by Israel’s Central Bottling Company, and Aton was blocked from taking over Murray & Roberts (M&R). From this action alone, you’d think that the SA economy has bright prospects.
Well, it certainly doesn’t. Last week provided yet more evidence of political dysfunction with the scene set for a constitutional crisis over the public protector’s call for remedial action against President Cyril Ramaphosa.