Steinhoff Africa Retail takes aim at Shoprite
Spin-off of African retail assets will give new entity voting rights in Shoprite
Steinhoff has released more details on the planned listing of its African retail assets, which would bring the group a step closer to acquiring a strategic interest in Shoprite Holdings. Retail tycoon Christo Wiese, who owns substantial interests in Steinhoff and Shoprite, was thwarted in his earlier attempts to bring the two companies together. Negotiations between the companies about a possible merger were held from December 2016 to February 2017. But the talks were terminated when the parties could not reach agreement on the exchange ratio that would apply to the share exchange. Steinhoff Africa Retail (Star) would list at the end of September, Steinhoff said on Wednesday. Shares would be offered to certain qualifying investors and would not be available to the general public. In addition, the listing would allow the new entity to acquire half the voting rights in Shoprite. "The Star group has secured options which, once exercised, will result in Star acquiring a strategic invest...
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