* Pioneer to pay 12 rand for each KWV ordinary share
* Pioneer shares up 23 pct year-to-date
(Adds details, shares)
JOHANNESBURG, Dec 2 (Reuters) - South African Pioneer Food Group PFGJ.J said on Thursday it plans to buy KWV, one of the country's largest wine and spirits company, for 828 million rand ($119 million) to diversify its revenue streams.
Pioneer Foods, which makes bread, breakfast cereal and juices, said in a statement it proposed to pay 12 rand per share, representing a 10.93 percent premium.
“Pioneer Foods has submitted to the board of directors of KWV a firm expression of interest which may lead to an offer being made to acquire the entire issued share capital of KWV,” it said.
Pioneer shares, which have gained 23 percent so far this year, closed 1.56 percent higher on Thursday at 48.75 rand, compared with a 1.16 percent rise in Johannesburg's All-share Index .JALSH. (Reporting by Olivia Kumwenda)
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