Tiger Brands Calls Off Bid For Rival

Tiger Brands, one of South Africa's leading branded food companies, has ended negotiations with domestic rival AVI after failing to reach an agreement. BMI reported in February 2009 that Tiger was looking to acquire its rival to grow its portfolio of food products and improve its domestic and export competitiveness. However, a marked deterioration in South Africa's economic outlook (we are forecasting a GDP contraction of 0.3% in 2009) since the turn of the year has made investors jittery, evidently contributing to the Tiger-AVI deal falling through.

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