Shoprite would acquire Steinhoff’s African retail operations, including Pepkor Africa and JD Group. That business could end up under Steinhoff’s control via a share swap, wsj.com reports.
Deal would create discount giant Retail Africa focusing on ‘value-conscious’ customer base Shopping carts stand parked outside the entrance to a Shoprite store in Johannesburg, South Africa.
The deal is being pursued by South Africa’s state-run pension fund, the Public Investment Corporation SOC, and Christo Wiese, one of South Africa’s richest men who is also the largest shareholder in Steinhoff and Shoprite.
The combined entity would employ 186,000 people and would have generated around USD 14.6 billion in revenue in the year to June 30, 2016.
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