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Steinhoff Africa Retail looks to acquire 23 percent of South Africa's Shoprite
December 1, 2017 / 5:53 AM / 15 days ago

Steinhoff Africa Retail looks to acquire 23 percent of South Africa's Shoprite

JOHANNESBURG Dec 1 (Reuters) - South Africa’s Shoprite confirmed on Friday 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. (Reporting by Tanisha Heiberg; Editing by Ed Cropley)

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