Bread firm to bid for Cape wine giant
South African wine and spirit producer KWV is the subject of takeover speculation, with Pioneer Food expected to make a bid.
Pioneer, a bread producer based in KWV's home town of Paarl, must first clarify the level of fines it owes to the competition authorities for its part in a price-fixing case before making its move.
A division of the company already has a 35% stake in KWV Holdings. Neither party is making further comment about the timing of the takeover bid, which would give Pioneer control of brands such as Laborie and Roodeberg as well as the KWV label.
KWV was formed as a cooperative in 1918 and also had a role in the administration of the South African wine industry. It became a commercial enterprise in 1997 and divested its cooperative activities in 2003.
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