Supermarket chain Shoprite confirmed on Friday that Steinhoff Africa Retail Limited (STAR) has exercised call options to acquire a 23.1% stake and 50.6% voting control in the company.<\/p>\n
In August, STAR said it was looking to acquire a controlling stake in Shoprite in a share deal worth R35.5 billion rand that would give it exposure to shoppers in South Africa and 14 other African markets. Shoprite said STAR\u2019s investment would be subject to a number of conditions including various merger filings.<\/p>\n
STAR, a low-cost retailer, boasts over 4,800 stores in Sub-Saharan Africa.\u00a0It was established on 1 July 2017 following an internal restructuring by Steinhoff of its African retail assets.<\/p>\n
The company operates across various stable and growing sectors, including apparel, footwear, household goods, furniture, consumer electronics, appliances, general merchandise and building materials, while also providing financial and mobile services.<\/p>\n
The deal was reportedly the idea of retail magnate Christo Wiese, who owns 16% of Shoprite and 23% of Steinhoff,\u00a0and\u00a0would have given Steinhoff\u00a0a major interest in the R110 billion Shoprite.<\/p>\n