Investor Wiese misses out as S Africa's Steinhoff and Shoprite scrap merger
Johannesburg
SOUTH Africa's Steinhoff and grocery retailer Shoprite called off a deal on Monday to create an African shopping giant, preventing leading investor Christo Wiese from bringing more of his retail assets under one roof.
Billionaire Mr Wiese, a shareholder in both companies and the architect of the deal, and other investors including state-owned pension fund the Public Investment Corporation (PIC) could not agree on the value of a share exchange.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Australia’s retail sales volumes fall 0.4% in Q1
Possible class action lawsuit against Cordlife by customers could take at least 2 years
Chinese tariffs could leave cognac makers with too much brandy
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore