Shoprite He has a cunning plan
So the Steinhoff deal is back on the table then, having been abandoned back in February. Heading back to the drawing board with a philosophical tug on his meerschaum pipe, Oom Christo Wiese has proceeded calmly to unbundle Steinhoff’s African holdings, including Pep, Ackermans, and the JD Group into a separate entity called STAR, through which it will list these assets on the JSE. And also, incidentally (or not, Oom C being a sly old jakkals), through which it will now acquire a controlling interest in Shoprite, in a deal worth R35.5billions of rands. Having entered into call option agreements with three major Shoprite shareholders - Titan Premier Investments, a company controlled by a Wiese family trust, the Public Investment Corporation and the Lancaster Group – STAR will hold about 22.7 percent of the economic interest and 50 percent of the voting rights in The Big Red One, and Wiese’s dream of a more consolidated structure will be realized. Ahahahahahaaaah!
Comment: Behemoth, anyone? Steinhoff is on the verge of becoming a global power in grocery retail, in one fell swoop.