Oreo and Cadbury's US owner considers bid for I&J and Five Roses manufacturer AVI - insiders | Fin24

Mondelez International is weighing a bid for South African food and beverage company AVI, a deal that would help the US multinational extend its presence in Africa, according to people familiar with the matter.

2021-11-19 09:01:00 PM

Mondelez International is weighing a bid for South African food and beverage company AVI, a deal that would help the US multinational extend its presence in Africa, according to people familiar with the matter. | Fin24

Mondelez International is weighing a bid for South African food and beverage company AVI, a deal that would help the US multinational extend its presence in Africa, according to people familiar with the matter.

Mondelez declined to comment. AVI didn’t respond to requests for comment. Shares in AVI, whose brands include local favorites such as Five Roses tea, jumped as much as 6.3% after the Bloomberg News report, the most since the company said talks were underway with an unnamed suitor two months ago. 

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The stock traded 4.4% higher at 2:26 p.m. local time, valuing the company at R29.4 billion rand ($1.9 billion).AVI’s main brands are in the drinks and snacks categories, though the Johannesburg-based group also has fashion and frozen-food products that don’t appear to fit naturally with Mondelez’s portfolio. 

An acquisition by Mondelez would come after PepsiCo Inc. agreed to buy South Africa’s Pioneer Foods Group Ltd. for about $1.8 billion in 2019. We live in a world where facts and fiction get blurredIn times of uncertainty you need journalism you can trust. For only headtopics.com

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