Source: Pioneer Hi-Bred
DuPont business Pioneer Hi-Bred and Pannar Seed (Pty) Limited, a South African-based seed company with operations throughout Africa and other parts of the world, announced an agreement for Pioneer to purchase a majority share of Pannar.
Financial terms were not disclosed for the agreement, which is subject to review by the South African Competition Commission and other countries' regulatory agencies. Pending regulatory approvals, the deal is expected to close in early 2011. Pannar management, employees, facilities and brands will be retained.
Original news release