SOUTH AFRICA: Pioneer Foods bid for KWV could come in days
A deal to buy South African wine group KWV could be announced by the end of the week.
A takeover bid from South African food and drink group Pioneer Foods for wine and spirits maker KWV Holdings could happen as early as Friday (26 November), just-drinks understands.
Earlier this month, Pioneer revealed it had contacted KWV with its interest in the business.
Pioneer MD André Hanekom said yesterday that it was too early to speculate on when the offer would be made and that the company was still studying whether to make a formal bid.
There is, however, strong speculation around Paarl, the home town of both companies, that an offer could be made by the close of business tomorrow. The boards of both companies are meeting in the next two days and the subject is set to be high on both firms' agendas.
Sources told just-drinks that all the indications were that there would be an offer put on the table after the Johannesburg Stock Exchange closes on Friday afternoon.
KWV and distributor Arvid Nordquist have agreed a five-year extension of their pan-Nordic wine and spirits contract....
KWV and the Monarq group, which operates in the Caribbean and Latin America, have drawn up a strategic agreement to distribute KWV's portfolio of wines and brandies in the region....
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