South Africa’s Shoprite confirmed on Friday that Steinhoff’s African subsidiary has exercised call options to acquire a 23.1 percent stake and 50.6 percent voting control in Africa’s largest grocer.
Steinhoff Africa Retail, or STAR, said in August it would look to acquire a controlling stake in supermarket operator Shoprite in a share deal worth 35.5 billion rand that would give it exposure to shoppers in South Africa and 14 other African markets.
Shoprite said STAR’s investment would be subject to a number of conditions including various merger filings. (Reuters)
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