The South African food group, which operates in sectors from bakery to poultry, said it had contacted KWV about a possible takeover of the company.

"Shareholders of Pioneer Foods and KWV Holdings are advised that Pioneer Foods has approached KWV Holdings with the view to possibly acquire KWV Holdings or concluding a similar transaction," Pioneer said on Friday.

"There can be no certainty that these discussions will lead to a transaction. If successfully concluded, the proposed transaction may have a material effect on the Pioneer Foods and KWV Holdings share prices."