Economy

Steinhoff Africa looks to acquire Shoprite stake

Date: Dec 1, 2017

South Africa’s Shoprite confirmed on Friday that Steinhoff’s African subsidiary has exercised call options to acquire a 23.1% stake and 50.6% voting control in Africa’s largest grocer.

Steinhoff Africa Retail, or STAR, said in August it would look to acquire a controlling stake in supermarket operator Shoprite in a share deal worth R35.5 billion rand that would give it exposure to shoppers in South Africa and 14 other African markets.

Shoprite said STAR’s investment would be subject to a number of conditions including various merger filings.

--Reuters--

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