A merger between Steinhoff and Shoprite would create an emerging-market retail giant with a presence in more than 40 countries, which could become a significant global competitor. Walmart, the world's largest retailer, has more than 11,500 stores globally, while a combined Shoprite and Steinhoff would have 9,211 stores in Africa, Europe, the UK, US and Australasia. But the much-talked-about deal is still just that - speculation. Outgoing Shoprite CEO Whitey Basson told Business Times this week he had not calculated the valuations on the rumoured acquisition. "[Christo] Wiese is the controlling shareholder, so he may have done the sums on it to see how it will affect him. "I'm not the major shareholder of Steinhoff, in fact I'm a small shareholder in Steinhoff and a reasonable shareholder in Shoprite, but the elements will have to tell you if there's a merger," said Basson. There has been speculation about the acquisition of Shoprite by integrated retailer Steinhoff since about 2006,...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.