New era at Shoprite as Wiese and Steinhoff take outright control
Unexpected nudge prompts shareholders to back the repurchase of Whitey Basson's shares
Steinhoff and Christo Wiese are to emerge as the outright controlling shareholders of Shoprite after Shoprite shareholders’ backed the repurchase of 8.7-million shares from former CEO Whitey Basson. The unexpected nudge beyond the critical 50% control mark was revealed in Steinhoff Africa’s (Star’s) prelisting circular. The circular was released to the market late on Monday, not long before Tuesday morning’s extraordinary meeting of Shoprite shareholders. About 60% of the Shoprite shareholders entitled to vote participated in the meeting and 88% of them voted in favour of the R1.7bn share repurchase. If you are already a subscriber, please click on the following link below to go to the full article: Wiese and Steinhoff take outright control of Shoprite If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here to subscribe. * Premium content is not yet available on the app. Please use the desktop site to subscribe.
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.