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PepsiCo has struck a deal to buy South Africa’s Pioneer Foods Group for $1.7 billion (Sh170 billion), the companies said on Friday, lifting Pioneer’s shares and boosting a sector that has been hit by drought and tough trading conditions.
The US drinks and snack group said that Pioneer’s product portfolio was complementary to its own and would help it to expand in sub-Saharan Africa by adding manufacturing and distribution capabilities.
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