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Dynamo poised to buy out Foodcorp
TAKEOVER
DYNAMO Investments, the black empowerment group led by former Inkatha Freedom Party politician Oscar Dhlomo, is on the verge of buying control of Foodcorp. Attie du Plessis, director of Foodcorp's holding company Sankorp, confirmed on Friday that negotiations with Dynamo had been concluded and that details would be released tomorrow. It is widely assumed that Dynamo will get Sankorp's 32% stake, one of the most valuable in the SA food industry, for about R600-million. The deal is a blow to Molope Foods, established 21 years ago by Sam Molope, which had been in talks with Foodcorp until recently. Molope announced details of its November 10 listing on the JSE on Friday. Molope Foods, backed by Johnnic chairman Cyril Ramaphosa in a private placing which raised R30-million, says the listing would not involve a public offer, but was intended to formalise the trading of shares in over-the-counter trade. The Dynamo deal is the latest in a number of shake-ups in the local food industry. Speculation is that Tiger Oats is eyeing Premier's milling, baking and food interests after a cautionary notice from Premier this week.
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