Pioneer launches new appeal on Pannar bid
DuPont seed subsidiary Pioneer Hi-Bred and South African seed company Pannar Seed (Greytown) continue to seek South African approval of their acquisition bid. The companies have launched a second appeal following their failure to overturn the South African Competition Commission’s decision of late last year to block the proposed move ( Agrow No 606, p 23). The Competition Tribunal stayed that decision last month ( Agrow No 627, p 9). DuPont and Pannar filed appeal documents with the court this month. They believe that “compelling evidence was provided during the three-week hearing that the transaction would not be anti-competitive”. The Tribunal indicated that it would release the reasons for its decision in the coming weeks, and pending that, the companies “reserve the right to amend and supplement their appeal after reviewing the Tribunal’s reasoning”, they add.