In­ter­est­ing new ven­ture

Finweek English Edition - - Marketplace -

Hav­ing failed to get sup­port for its at­tempted takeover of Sho­prite, Steinhoff is try­ing a new an­gle that will see it ul­ti­mately own the stake held by Christo Wiese and some of the PIC shares. This is be­ing done via call op­tions. The soon-to-be-listed Steinhoff Africa Re­tail will po­ten­tially end up hold­ing 22.7% of the eco­nomic in­ter­est and 50% of the vot­ing rights in Sho­prite. Sho­prite will re­main listed but con­trolled by Steinhoff via Steinhoff Africa Re­tail. Steinhoff Africa Re­tail will hold all the Steinhoff African as­sets ex­cept for Uni­trans.

It is ex­pected to list by the end of Septem­ber with ex­ist­ing Steinhoff share­hold­ers be­ing given shares in the new Steinhoff Africa Re­tail. This will cer­tainly be an in­ter­est­ing busi­ness with a strong African re­tail foot­print and I’ll have a look at the in­vest­ment case when it fi­nally lists.

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