BUSINESS MAVERICK: Pepsi snaffles a SA champion

For months market watchers have commented on the fact that South African stocks are trading well off their highs and pockets of value are beginning to open up, but now it seems others are beginning to notice too.

led by Tel Aviv-based Central Bottling Company, made an offer to acquire the entire issued share capital of Clover for R25 per share.The value is specifically in the shares of domestically focused companies, and oft en at the smaller end of the market, says Wilhelm Hertzog, portfolio manager at Rozendal Partners.

It is worth noting that valuations on SA-focused stocks may be cheap for a reason. Food producers have had to operate in a very challenging environment in the last 18 months. Input costs have risen sharply, but a constrained consumer makes it very difficult to recover costs fully.

Those who remember their history will know that Zeder gained its controlling stake in Pioneer Foods in an acrimonious bid for over-the-counter-listed Agri Voedsel in 2014 at R99.00 a share, recalls Clark. In the five years since that offer, using much higher Zeder rated paper to do the share swap, Zeder shareholders have gotten back an extra R11.00 a share for five years of owning Pioneer Foods. “Hardly a slam dunk investment as the Americans would say.

PepsiCo has historically focused on the soft-drinks and salted snacks business, but has diversified into cereals and cereal snacks, pasta meals and couscous en route to becoming a global leader in convenience foods and beverages.Pioneer Foods represents a differentiated opportunity for PepsiCo and allows us to immediately scale our business in Africa,” says PepsiCo chairman and CEO, Ramon Laguarta.

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