{"id":31089,"date":"2016-12-15T00:55:52","date_gmt":"2016-12-15T00:55:52","guid":{"rendered":"https:\/\/new.igihe.com\/south-africa-s-steinhoff-and-shoprite-to-form\/"},"modified":"2016-12-15T00:55:33","modified_gmt":"2016-12-15T00:55:33","slug":"south-africa-s-steinhoff-and-shoprite-to-form","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/south-africa-s-steinhoff-and-shoprite-to-form\/","title":{"rendered":"South Africa&#8217;s Steinhoff and Shoprite to form retail giant"},"content":{"rendered":"<p>{The companies said the proposition of this &#8220;formidable entity&#8221; was supported by their shareholders.}<\/p>\n<p>South African retail giants Steinhoff International and supermarket group Shoprite Holding Wednesday said they were in talks to merge their African operations to form a single company worth over $14 billion.<\/p>\n<p>The companies said in a statement they had initiated talks &#8220;regarding the potential combination of their respective African retail businesses&#8221; with an objective of creating what could be regarded as &#8220;the retail champion of Africa&#8221;.<\/p>\n<p>The new venture to be called Retail Africa would have annual revenues of about $14.6 billion.<\/p>\n<p>The companies said the proposition of this &#8220;formidable entity&#8221; was supported by their shareholders.<\/p>\n<p>Shoprite is Africa&#8217;s largest food retailer with a presence in 14 African countries, including Nigeria, Africa&#8217;s largest economy, oil-producing Angola and Zambia.<\/p>\n<p>It is said that the new venture would employ nearly 186,000 people and would give Steinhoff &#8220;African exposure&#8221;.<\/p>\n<p>Steinhoff&#8217;s African businesses include a range of credit-based household goods and the company has vast interests in Europe.<\/p>\n<p>The company recently bought UK discount chain Poundland and US retailer Mattress Firm Holding.<\/p>\n<p>According to the companies, the proposed retailer is geared to become a leading discount retailer for value conscious African consumers.<\/p>\n<p>They stated that Retail Africa would have &#8220;the required size and scale to compete with any other international retailer&#8221; and lead to job creation in various countries.<\/p>\n<figure class=\"spip-document spip-document-17040 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/markets01pix.jpg\" alt=\"One of the Shoprite outlets in Lugogo, Kampala. Steinhoff International and Shoprite Holding said they were in talks to merge their African operations to form a single company worth over $14 billion. \" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>{The companies said the proposition of this &#8220;formidable entity&#8221; was supported by their shareholders.} South African retail giants Steinhoff International and supermarket group Shoprite Holding Wednesday said they were in talks to merge their African operations to form a single company worth over $14 billion. The companies said in a statement they had initiated talks [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[100],"byline":[2481],"hashtag":[],"class_list":["post-31089","post","type-post","status-publish","format-standard","hentry","category-business","tag-africa","byline-daily-monitor"],"bylines":[{"id":2481,"name":"DAILY MONITOR","slug":"daily-monitor","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":2481,"name":"DAILY MONITOR","slug":"daily-monitor","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/31089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=31089"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/31089\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=31089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=31089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=31089"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=31089"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=31089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}