PepsiCo Snaps Up a South African ‘Gem’ in Pioneer

PepsiCo Inc. is making the most of cheaper South African valuations in its $1.8 billion swoop for Pioneer Foods Group Ltd., analysts and investors said.

And while the takeover offer is opportunistic, the premium of about 56% is also attractive to investors, who saw Pioneer shares slump to the lowest since 2013 before bid speculation emerged, they said.