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STAR looks to acquire 23% of Shoprite

Group also looking at acquiring 50.6% voting control in retailer.

South Africa’s Shoprite confirmed on Friday that Steinhoff’s African subsidiary has exercised call options to acquire a 23.1% stake and 50.6%  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 R35.5 billion 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.

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So what makes them so special that they acquire a 23.1% stake in the company but have a majority voting control. Surely this means that they can ram through any changes to the detriment of the ordinary shareholder. Makes it highly questionable whether one should actually hold shares in etiher companies

Different business models in the world – the Gupta model and many others

This is the Wiese model – he hates to think mere mortals like shareholders are going to question him ever again. He paid a whackload to get rid of Whitey Basson’s objections to the merger (a decision that will cost him in the long run)

End of comments.

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