PRELIMINARY TALKS
Steinhoff Africa makes an overture to Remgro
The meeting will raise eyebrows given of animosity between Christo Wiese and Johann Rupert
Steinhoff Africa Retail (Star), which is seeking to distance itself from its scandal-hit parent, Steinhoff International, has met with Johann Rupert’s Remgro to sound it out as a potential investor. The executive committee of Star, which last week said it was planning to change its name back to the original Pepkor, instigated the meeting, according to people familiar with the matter. An international bank, which had exposure to Steinhoff and might benefit from seeing a large chunk of Steinhoff’s holding in Star being sold, helped arrange the meeting, the people said. Remgro declined to comment and Star said that it had met "many investors as part of normal investor relations" and that the "nature of these discussions do not necessitate publication of cautionary announcements".
News of the meeting will come as a surprise to many in the investment community, given the animosity between Christo Wiese, whose family founded and owned Pepkor until its acquisition by Steinhoff in 201...
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