for subscribers

Wiese: Steinhoff, Shoprite tie-up would be a 'natural development'

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
SA billionaire Christo Wiese. (Photo: Bloomberg Video)
SA billionaire Christo Wiese. (Photo: Bloomberg Video)

Cape Town - It would be a "natural development" for international retail group Steinhoff [JSE:SHF] to take over Shoprite [JSE:SHP], Africa's biggest supermarket chain, South African retail tycoon Christo Wiese told Reuters.

Wiese is the largest shareholder in budget store Shoprite as well as lower-end furniture, apparel and household goods retailer Steinhoff. Bringing the two together would allow him to add groceries to his sprawling discount empire.

The merger, if it happens, would also pull together Wiese's retail assets under one roof following Steinhoff's nearly $6bn (R81.81bn) acquisition in 2014 of the magnate's budget clothing retailer Pepkor and create a global retail giant worth at least R400bn.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.19
(+0.14)
ZAR/GBP
21.09
(+0.36)
ZAR/EUR
19.12
(+0.47)
ZAR/AUD
11.53
(+0.26)
ZAR/JPY
0.15
(+0.28)
Gold
1901.10
(+0.16)
Silver
24.25
(-0.69)
Platinum
872.00
(-2.61)
Brent Crude
41.25
(0.00)
Palladium
2346.00
(-0.90)
All Share
54890.88
(-0.81)
Top 40
50286.90
(-0.80)
Financial 15
10644.91
(-1.35)
Industrial 25
74457.36
(-0.60)
Resource 10
52092.66
(-0.89)
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
Yes, and I've gotten it.
24% - 76 votes
No, I did not.
53% - 171 votes
My landlord refused
24% - 76 votes
Vote