Pursuits
Billionaire Wiese Invests $1.8 Billion More in Steinhoff
- Funds will help finance furniture retailer’s acquisition spree
- South African retailer may make further deals, analyst says
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Christo Wiese, South Africa’s richest man, is investing a further $1.8 billion in Steinhoff International Holdings NV to help finance the furniture retailer’s acquisition spree in Europe and North America.
Steinhoff raised 2.45 billion euros ($2.74 billion) as it also sold shares to other investors, including a fund that’s linked to South Africa’s program to promote black ownership, the company said on Wednesday. Steinhoff shares rose 4.8 percent to 5.29 euros at 4:28 p.m. in Frankfurt, compared with the stock placing of 5.055 euros, Tuesday’s closing price.