Pick n Pay “Your hinterland lies North”
Last week, you will recall, Shoprite suspended its bid to buy into OK Zim, citing “socio-economic and political uncertainty”, with speculation suggesting that the freezing of the assets of Kingdom Meikles, which owns TM Supermarkets, may have rattled the generally imperturbable one. Another view is that the two parties could simply not agree on price. The freezing of the assets has its origins in a dispute between the Kingdom and Meikles factions of the business, and the two have agreed to split, more or less amicably, and relist separately, under pressure from none other than a Mr RG Mugabe, who is keen to now punt Zim as an investment destination, whence, presumably, the American and the British are no longer obliged to “go to hell”. Pick n Pay, in the meantime, is considering upping its stake in the Meikles-owned TM supermarkets from 25% into something a little more chunky.
Comment: Which would give le Grand Bleu the jump on Shoprite in Africa’s easiest-reached market.