DuPont (DD) Reports Proposed Acquisition of Pannar Seed Sees Roadblock in South Africa
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DuPont (NYSE: DD) business Pioneer Hi-Bred and Pannar Seed (Pty) Limited expressed regret that the South African Competition Tribunal denied approval to implement their agreement for Pioneer to purchase a majority share of Pannar.
The Competition Tribunal upheld a decision by the Competition Commission in December 2010 not to allow the transaction. Pioneer and Pannar had requested the Tribunal to review that decision.
"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."
The Competition Tribunal upheld a decision by the Competition Commission in December 2010 not to allow the transaction. Pioneer and Pannar had requested the Tribunal to review that decision.
"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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