DES MOINES, Iowa, and JOHANNESBURG, Oct. 14, 2011 /PRNewswire/ -- DuPont business Pioneer Hi-Bred, one of the world's leading agricultural businesses, and Pannar Seed (Pty) Limited, a South African-based seed company with operations throughout Africa and other parts of the world, today 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."
Pannar Seed (Pty) Limited (www.pannar.com) was founded in 1958 in Greytown, South Africa, an agricultural community situated in KwaZulu-Natal, on the Eastern Seaboard of South Africa. Pannar is a South African-based seed business with operations throughout Africa and internationally. It has its own seed businesses in nine countries in Africa, including South Africa, and sells through established marketing networks into nine other African countries. In addition to its extensive research infrastructure in Africa, it also conducts research and commercial activities in the United States and Argentina and has a genetics licensing business in Europe.
Pioneer Hi-Bred (www.pioneer.com), a DuPont business headquartered in Des Moines, Iowa, is the world's leading developer and supplier of advanced plant genetics, providing high-quality seeds to farmers in more than 90 countries. Pioneer provides agronomic support and services to help increase farmer productivity and profitability and strives to develop sustainable agricultural systems for people everywhere. Science with Service Delivering Success™.
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