Steinhoff stake won’t hurt independence: Shoprite

Bloomberg

Shoprite Holdings Ltd. won’t let the purchase of a 22.7 percent stake in the food retailer by Steinhoff International Holdings NV affect its independence and is on the hunt for acquisitions of its own, according to Chief Executive Officer Pieter Engelbrecht.
Africa’s largest supermarket chain will continue to dictate its own strategy, the CEO said after an earnings presentation in Cape Town. The partnership could even support Shoprite’s expansion due to potential savings in countries where Steinhoff already operates, Engelbrecht said. For example, the CEO traveled to Poland in the last week and sees potential expansion there as an “easy foray”.
“Poland would be an example of a synergy from the Steinhoff deal that we could exploit,” he said.