Pioneer Food reports 6% fall in annual profit
JOHANNESBURG – Food and drinks company Pioneer Food Group Ltd on Monday reported a 6% fall in full-year profit and said it expects its takeover by PepsiCo Inc for $1.7 billion to be finalised in early 2020.
Pepsi announced the deal in July in a boost to Pioneer’s shares and a sector hurt by drought and tough trading conditions.
Pioneer said on Monday the companies had filed their submissions for regulatory approvals in a number of markets, with South African regulators expected to make an announcement on the matter next year.
Source: iol.co.za
