Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - Shoprite Holdings Ltd chairperson Christo Wiese is looking to swap some or all of his stake in Africa's biggest grocer for stock in furniture maker Steinhoff, a South African newspaper reported on Sunday.
Shoprite was not immediately available for comment on the report in the Sunday Times, which cited unidentified sources.
The newspaper said previous plans for a possible asset swap, under which Steinhoff would have owned just under half of Shoprite and the grocer about a third of the furniture firm, were abandoned due to potential regulatory challenges.
Steinhoff, which declined to comment on the report, said last month it has the capacity to pursue acquisitions thanks to a robust balance sheet.
The furniture maker and retailer operates in southern Africa, Europe and the Pacific Rim, while Shoprite, which runs the Checkers and Shoprite supermarkets, has 102 stores outside of South Africa, mainly elsewhere on the continent.
- Reuters