It could be one of the worst kind of cartel meant for price manipulation in bread industry of South Africa .Pioneer foods and its partner colluded to prevent small players to enter bread market and thus charging higher price from consumers .
A report
Economic Development Minister Ebrahim Patel told parliament yesterday that Pioneer Foods had struck a deal with the Competition Commission - the largest settlement in the history of the body involving a single company.
It terms of the deal, the company will pay a R250-million administrative fine to the national revenue kitty after admitting its role in the fixing of flour and bread prices, and in other cartel activities designed to fix the prices of poultry products.
He said the company, which also admitted to anti-competitive behaviour aimed at excluding smaller competitors from full participation in the market, would pay a further fine of R250-million which will be paid into an agro-processing competitiveness fund aimed at increasing competition in the food-processing sector.
Read more on
http://www.timeslive.co.za/local/article741344.ece/Pioneer-Foods-pays-up
George Weston To Buy ACE Bakery
Press release
TORONTO, Nov. 1 - George Weston Limited announced today that its subsidiary, Weston Foods (Canada) Inc. has completed the purchase of ACE Bakery, a manufacturer and supplier of artisan and European-style rustic bread varieties, for $110 million.
W. Galen Weston, the Chairman and President of Weston stated that "The ACE Bakery brand is known for its quality products and will complement our existing family of brands allowing us to better serve our customers. I would like to welcome the ACE Bakery employees into the Weston group."
George Weston Limited is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America's largest food processing and distribution groups. Weston has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America. Loblaw is Canada's largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.
source :http://www.newswire.ca
TORONTO, Nov. 1 - George Weston Limited announced today that its subsidiary, Weston Foods (Canada) Inc. has completed the purchase of ACE Bakery, a manufacturer and supplier of artisan and European-style rustic bread varieties, for $110 million.W. Galen Weston, the Chairman and President of Weston stated that "The ACE Bakery brand is known for its quality products and will complement our existing family of brands allowing us to better serve our customers. I would like to welcome the ACE Bakery employees into the Weston group."
George Weston Limited is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America's largest food processing and distribution groups. Weston has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America. Loblaw is Canada's largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.
source :http://www.newswire.ca
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