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PepsiCo buys out South Africa's Pioneer Foods

PepsiCo has agreed to buy out South Africa's Pioneer Foods Group for about $1.8 billion U.S. dollars. Though this company and its brands are less well-known here in the U.S. it's a big deal for Pepsi as it will give them a bigger presence in Africa and help them expand their global footprint.

On the flip side, Pioneer had been struggling for a while as consumer spending continues to decline in its home region.