Company Data
| Last traded |
R57.75 |
| Change |
R0.14 |
| % Change |
0.24% |
| Cumulative volume |
54,220 |
| Market cap |
R13.29bn |
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Johannesburg -
Pioneer Food Group [JSE:PFG] said on Thursday it planned to buy KWV, one of South Africa's largest wine and spirits company, for R828m to diversify its revenue streams.
Pioneer Foods, which makes bread, breakfast cereal and juices, said it proposed to pay R12 per share, representing a 10.93% premium.
"Pioneer Foods has submitted to the board of directors of KWV a firm expression of interest which may lead to an offer being made to acquire the entire issued share capital of KWV," it said.
Pioneer shares, which have gained 23% so far this year, closed 1.56% higher on Thursday at R48.75, compared with a 1.16% rise in the JSE's All-share Index.
The proposed consideration is subject to a number of conditions which KWV and Pioneer will communicate once the firm expression of interest becomes a firm intention offer, the companies said in a joint statement.
In November Pioneer was slapped with a record-breaking package of penalties for anti-competitive behaviour.
It will pay a R250m fine and a further R250m towards the creation of an agro-processing competitiveness fund to be administered by the Industrial Development Corporation.
Pioneer was also asked to adjust its pricing of flour and bread to reduce its gross margin by R160m when compared to the similar period in 2009/10.
The penalties exclude the R196m penalty imposed by the Competition Tribunal in April 2010, after Pioneer was found guilty of collusion in a bread price-fixing cartel.