Deals
Steinhoff’s Shoprite Talks Collapse as Sides Fail to Agree Terms
- A successful deal would have created Africa’s biggest retailer
- Shares of both companies jump as news ends concerns over deal
A Shoprite store in Cape Town.
Photographer: Dean Hutton/BloombergThis article is for subscribers only.
Steinhoff International Holdings NV and Shoprite Holdings Ltd. ended talks to create Africa’s biggest retailer after negotiations with shareholders including billionaire Christo Wiese broke down over terms.
Wiese, who is the biggest investor in both companies, South Africa’s Public Investment Corp. and Steinhoff were unable to reach agreement on the share-exchange ratio that would have been applied to the proposed deal, the retailers said in a joint statement on Monday.