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.