Il i ad Africa has announced t hat Steinhoff was making a n of f er to buy out the company at R10 a share. This continues the trend that has seen Steinhoff focusing on the local consumer with JD Group and Kap. This process will, I t hink, result i n Steinhoff split t i ng i nto two, one as a European business and one a South African business. Both would be consumer focused but in two different markets. I can’t see European i nvestors bei ng e xc i t e d t o buy the company if it still holds a chunk of SA assets.