Steinhoff Africa Retail looks to acquire 23 percent of South Africa's Shoprite
- Staff Writer: Reporting by Tanisha Heiberg; Editing by Ed Cropley
South Africa's Shoprite confirmed 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.
