Shoprite and Steinhoff’s negotiations terminated after no deal on exchange ratio
Shoprite and Steinhoff’s share prices have jumped 7% and 6% respectively after the retailers called off the proposed merger.
A statement from the companies said that the Public Investment Corporation, Titan and Steinhoff did not reach an agreement on the exchange ratio that would apply to the share exchange.
PIC is the investment firm owned by the South African government while Titan is the investment through which South Africa’s richest man, Christo Wiese holds shares in the grocery and furniture groups.
