A wholly-owned subsidiary of US multinational food, snack and beverage corporation PepsiCo has given notice of its firm intention to make an offer to acquire the issued ordinary shares of South African packaged goods company Pioneer Foods, the two said on Friday.
“The base price represents a premium of 56.5% to the 30-day volume-weighted average traded price of Pioneer Foods ordinary shares of R70.31, as at 12 July,” the companies said. It said PepsiCo’s existing portfolio, with its broad nutritional offerings, could provide many benefits to both the South African and broader African consumer. Acquiring Pioneer Foods would increase PepsiCo’s presence in a country and region of high growth potential.
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