date:Mar 26, 2014
South African food company Tiger Brands has dropped plans to acquire Kenyan firms Rafiki Millers and Magic Oven Bakeries, the firm said on Tuesday, terminating deals worth at least $25 million.
Tiger Brands, which has been on an aggressive expansion in sub-Saharan Africa in recent years, said in a statement the acquisitions had been called off by mutual agreement between the parties.
It did not give further details and a spokesman was not immediately available for comment.
The South African c