Steinhoff Plans Africa Spinoff After $3 Billion Expansion
- Retailer will seek separate listing for African businesses
- Planned move follows collapse of merger talks with Shoprite
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Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd.
The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub.