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Foodcorp fined R88m for price-fixing

Dec 13 2012 14:00 Reuters

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Johannesburg - The competition watchdog levied a R88.5m price-fixing fine on consumer foods maker Foodcorp, a takeover target of poultry producer Rainbow Chicken. 

The Competition Commission said on Thursday Foodcorp pleaded guilty to two separate cases in which it fixed the price of wheat flour and maize meal between 1999 and 2007.

Rainbow Chicken, the nation's biggest producer of poultry, has offered R1bn rand for a 64% stake in the company as part of a plan to cut its reliance on poultry.

 

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