BUSINESS MAVERICK: The Shoprite/Wiese deal: Is there a plan B?

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

BUSINESS MAVERICK: The Shoprite/Wiese deal: Is there a plan B? By Michael Van Olst

It must be hard to be casual about R3.3-billion, but Shoprite founder and chairman Christo Wiese does do a convincing job of it. In an interview withthis week, he seemed to take the idea of his great Shoprite payday in his stride. But there was a little sting in the tale.

Wiese owns 305.6-million deferred shares which control 32.2% of Shoprite’s voting rights, because this class of shares have higher voting rights. They were issued to him in 2000 at a nominal value of 0.1c a share as what’s called a founder’s share. Last week it became clear that some key shareholders were against the deal, significantly including fund manager Coronation, which owns a little more than 5.5% of the shares on behalf of clients. That means it only needs another 10% to vote against for the deal to fail.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Book Extract: Christo Wiese – Risk and RichesIn this extract from Christo Wiese – Risk and Riches, Wiese is told about the accounting problems at Steinhoff that started the collapse of the company’s share price – and the unravelling of his life’s work.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Tesla Manager Sees Risk of Battery-Minerals Shortage in FutureBooming demand for electric vehicles and insufficient investment in mines could result in a global shortage of minerals needed to manufacture rechargeable batteries in a few years’ time, a Tesla Inc. representative told U.S. officials and mining executives in a meeting in Washington.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Britons opt for non-EU holidays in face of Brexit impasse – Thomas CookBritish holidaymakers are favouring destinations outside the European Union after repeated delays to Brexit discouraged travellers from booking early and prompted them to look further afield, travel firm Thomas Cook said on Monday. Not Britons but Muslim Turks .
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Strong ANC Win Would Boost S. African Asset Prices, Goldman SaysA strong win for South African President Cyril Ramaphosa’s African National Congress in next week’s election would trigger a rally in asset prices, according to Colin Coleman, head of sub-Saharan Africa at Goldman Sachs Group Inc. Unfortunately for Goldman Sachs and Colin Coleman, we will vote for EFF... No,a Coalition should do the trick,Same as in Johannesburg. It's true. The international opinion formers that define what we pay for the necessary debt for infrastructure and development know a vote for CyrilRamaphosa and the MYANC is a vote for the future.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Thursday May 2: Five Things You Need to Know to Start Your DayThe Fed stands pat, mostly. U.S. Treasury Secretary Steven Mnuchin calls China trade talks “productive,” and yet another Brexit compromise is brewing. Here’s what’s moving markets.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Monday April 28: Five Things You Need to Know to Start Your DayTakeaways from China’s Belt and Road forum. Japan markets are shut for the week, but there is a slew of key global data that traders will be watching. Incumbent Sanchez set to be returned as Spain’s PM after election. Here’s what’s moving markets.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Woodstock 50th anniversary going ahead, organisers say, despite investor withdrawalA planned three-day concert marking the 50th anniversary of theWoodstock music festival was thrown into doubt on Monday after the lead investors said they had canceled the event but organisers said they were going ahead.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Tuesday, April 30: Five Things You Need to Know to Start Your DayWarnings signs for China stocks and Boeing says it didn’t mean to deactivate a pilot alert on the 737 Max. Here’s what’s moving markets.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Gold Gets Taken for a Ride as Price Gyrates After Fed CommentsGold traders can be forgiven for feeling a bit queasy as efforts to parse economic signals from the U.S. Federal Reserve put them on a roller-coaster ride.
Source: dailymaverick - 🏆 3. / 84 Read more »