The deal will see Pioneer leave the JSE, and workers getting Nasdaq shares in PepsiCo worth R1.6bn through a locally held workers’ trust
The $1.7bn purchase of local food company Pioneer Foods by US giant PepsiCo has been given the go-ahead by the Competition Tribunal.
PepsiCo’s July offer of R110 a share, was more than 50% of the value of Pioneer Foods’ shares in the month preceding the offer. PepsiCo, Pioneer Foods and the minister’s legal teams came to a last-minute agreement on Wednesday afternoon, less than a day before appearing at the competition tribunal on Thursday. The tribunal approves large mergers and adjudicates on disagreements.
In terms of the deal, after five-years, the foreign shares can be sold and converted into a 13% local shareholding, a somewhat longer time frame than Patel wanted. He was, however, able to convince PepsiCo to allow workers voting rights in SA, as if they had a 13% minority local shareholding.
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