Pannar Seed, DuPont deal gets go-ahead
SERVICES NEWS
Fin24 - May 29th 2012, 08:05
Johannesburg - The South African Competition Appeal Court has approved DuPont’s bid to buy control of domestic seed company Pannar Seed, the two companies said on Monday, giving the US chemicals company a toehold in Africa’s agricultural sector.
The approval is subject to the companies meeting certain conditions, including long-term investment in South Africa, the firms said.
Pioneer Hi-Bred, the agricultural unit of DuPont, announced in 2010 that it was buying Pannar Seed in an effort to expand its reach into corn production through Africa. The companies did not disclose financial terms.
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