South African Tribunal Rejects Pioneer’s Bid for Acquisition

Avatar for Posted by |21 October 2011

DES MOINES, Iowa, and JOHANNESBURG, South Africa– The South African Competition Tribunal has denied Pioneer Hi-Bred’s proposal to purchase a majority stake in South African-based seed company Pannar Seed Limited.

The tribunal upheld a decision by the Competition Commission in December 2010 to block the transaction proposed by the DuPont business and Pannar.

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“We still believe this transaction is in the best interests of both companies, their employees and their customers in South Africa and throughout Africa,” the companies said in a statement. “We will be studying the detail of the decision and will decide on any future action.”

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