JOHANNESBURG, Dec 13 (Reuters) - South Africa’s competition watchdog levied a $10 million price-fixing fine on consumer foods maker Foodcorp, a takeover target of poultry producer Rainbow Chicken.
The Competition Commission said on Thursday Foodcorp pleaded guilty to two separate cases in which it fixed the price of wheat flour and maize meal between 1999 and 2007.
Rainbow Chicken, the nation’s biggest producer of poultry, has offered 1 billion rand for a 64 percent stake in the company as part of a plan to cut its reliance on poultry. ($1 = 8.6600 South African rand)
Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard