SPLIT CON­TIN­UES

Finweek English Edition - - SIMON SAYS - BY SI­MON BROWN

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.

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