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Current Position:Home » News » General News » Topic

DuPont receives regulatory approval for Pannar Seed acquisition

Zoom in font  Zoom out font Published: 2012-05-30  Origin: FBR
Core Tip: Pioneer Hi-Bred, a subsidiary of DuPont, a Delaware-based chemicals company, has received approval from the regulatory authorities to acquire a majority stake in the South African seed company Pannar Seed.
The South African Competition Appeal court has approved the transaction, overturning an earlier judgment by the South African Competition Tribunal, and the deal is subject to certain conditions and commitments. 

The deal was already approved by other African countries including Kenya, Malawi, Namibia, Swaziland, Tanzania and Zambia.

Further, Pioneer Hi-Bred will invest ZAR62m ($5.91m) by 2017 to set up a research center in South Africa that is expected to deliver advanced R&D breeding technologies to Africa.

The research center will be similar to the innovative centers that DuPont has set up in Brazil, India and China and will enable South Africa to play a prominent role in agricultural development in the African continent.

Both the companies have planned to team up with communities, government and other groups to launch activities addressing the challenges faced by small-scale farmers to boost their farm productivity, profitability and food security. Pioneer Hi-Bred will invest ZAR20m ($1.9m) for this initiative.

Upon completion of the deal, Pannar receives right to access Pioneer's genetics library and its maize breeding and biotechnology capabilities that benefits its operations in Africa, the US and Argentina.

This investment is part of the DuPont strategy to provide innovative solutions, including the need for increased food production. Earlier, DuPont planned to invest $10bn globally in R&D dedicated to the food, agriculture and nutrition segments and for developing 4,000 new products by the end of 2020.
 
 
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