Top shareholder in Darty backs Steinhoff's $975m bid

Johannesburg - A top shareholder in Darty will back Steinhoff's [JSE:SHF] $975m takeover bid for the French electronic goods retailer, the South African furniture group said on Monday.

Steinhoff said its offer had the support of Schroder Investment Management, a British hedge fund firm. Schroder owns about 14% of Europe's third-largest electronics retailer, making it the biggest shareholder.

Investors have until May 2 to accept the offer, which trumped a competing bid from French retailer Fnac last month and has the backing of Darty's board.

The transaction would bulk up Steinhoff's presence in Europe, where it already makes more than two-thirds of its $11.18bn of annual sales.

Darty earns 70% of its revenue in France but has 400 stores across Europe and competes with Media-Saturn, owned by Germany's Metro, and with Britain's Dixons. Steinhoff's Conforama, like Darty and Fnac, has a strong presence in French high streets and retail parks.


ZAR/USD
16.81
(-0.14)
ZAR/GBP
21.03
(+0.35)
ZAR/EUR
19.09
(-0.03)
ZAR/AUD
11.67
(-0.04)
ZAR/JPY
0.16
(+0.14)
Gold
1800.44
(-0.09)
Silver
19.01
(-0.42)
Platinum
828.05
(+0.19)
Brent Crude
42.17
(-1.20)
Palladium
1969.76
(+0.88)
All Share
55391.09
(-1.44)
Top 40
51097.52
(-1.50)
Financial 15
10580.77
(-1.15)
Industrial 25
75400.13
(-1.96)
Resource 10
52838.57
(-0.92)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2016 votes
I am taking a hit, but should be able to recover in the next year
23% - 2638 votes
My finances have been devastated
35% - 3951 votes
It's still too early to know what the full effect will be
25% - 2828 votes
Vote