Price dispute sinks Shoprite, Steinhoff merger plan
Business magnate Christo Wiese drops the multibillion-rand merger after key players fail to agree on price
Business magnate Christo Wiese has been forced to scrap a multibillion-rand plan to merge his retail interests, Shoprite and Steinhoff, because key players could not agree on price. Analysts, who generally welcomed the decision, said it appeared that the Public Investment Corporation (PIC) had reconsidered its initial support for the creation of an African retail champion. “The PIC may have decided against the deal because it wasn’t going to get an acceptable price for its Shoprite shares and it is likely other significant Shoprite minority shareholders also expressed their unhappiness,” said retail analyst Syd Vianello. Subscribe to BusinessLIVE Premium to read the full story: Wiese drops Shoprite, Steinhoff merger plan
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