A takeover bid from South African food and drink group Pioneer Foods for wine and spirits maker KWV Holding could happen as early as Friday (26 November), just-food understands.

Earlier this month, Pioneer revealed it had contacted KWV with its interest in the business.

Pioneer MD André Hanekom said today that it was too early to speculate on when the offer would be made and that the company was still studying whether to make a formal bid.

There is, however, strong speculation around Paarl, home of both companies, that an offer could be made by the close of business on Friday. The boards of both companies are meeting in the next two days and the subject is set to be high on both firms' agendas.

Sources told just-food that all the indications were that there would be an offer put on the table after the Johannesburg Stock Exchange closes on Friday afternoon.