Steinhoff Buys 92% Of Pepkor Retail Group (t/as) 'pep' For Whopping R62,8b - Business - Nairaland
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| Steinhoff Buys 92% Of Pepkor Retail Group (t/as) 'pep' For Whopping R62,8b by Abenomics: 6:19am On Nov 26, 2014 |
In the deal, Steinhoff acquires 92% of Pepkor for R62.8bn - with more than R30bn going to billionaire Christo Wiese (who is the chairman and lead shareholder in both Pepkor and Shoprite group) The brilliance of Christo Wiese cannot be emphasized enough. It is incredible that Wiese didn't opt for cash for his stake in Pepkor, he opted for shares- giving Christo Wiese almost 20% ownership of the now R200billion Steinhoff. That's a deal! Steinhoff International is the retail and furniture empire trading in Europe and SA with a listing on Johannesburg Sock Exchange. Pepkor is a clothing retail group trading in many African countries, headquartered in RSA. |
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