Steinhoff bedding down acquisitions Steinhoff has had a remarkably solid year, given the jelly-like tendency of many of the economies in which it operates. It has made a number of acquisitions that have transformed the company and paved the way for its future. While some companies dip a tentative toe into the unfamiliar waters of a new market, Steinhoff’s acquisition of Mattress Firm in the US is more like a well-executed bomb from a 10m diving board. This is not a firm that believes in fiddling about.Meanwhile, in the UK, the company has bought Poundland, a discount retailer in which everything costs £1. This includes — to the alarm of certain commentators — an intimate personal massage device that may well top this year’s list of Christmas presents most likely to be smashed over the donor’s head within moments of appearing under the tree.Steinhoff has a global reach and a primary listing in Frankfurt, and yet its list of executive management looks like a Springbok team-sheet from ...

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