How Wiese pulled off a shocking Shoprite coup
It might not be all Wiese hoped for with his Steinhoff/Shoprite merger proposal but it’s an attractive plan B for him
Christo Wiese is adamant Shoprite shareholders are not affected "at all" by the listing of Steinhoff Africa Retail (Star), the all-new, Africa-based megaretailer. That’s not entirely true. Just how far off true it is might become apparent in the months ahead if some of the frustrated Shoprite shareholders pursue their plans to challenge the deal. Over the years Wiese has made little secret of the fact that he’s less than enamoured with the investment community, seeing them largely as a necessary inconvenience. He’s reputed to have once told some powerful institutional shareholders: "You come and go, we’re here forever." On that point Wiese is entirely accurate. Over the decades he and a team of outstanding managers have built up powerful retail groups — in the shape of Shoprite, Pep and Ackermans — that have few equals anywhere in the world.But with every share-based transaction implemented along the way it always seemed he believed he shouldn’t have to share the benefits of all thi...
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