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Breaking : South African raider dashes Sainsbury’s hopes of grabbing Home Retail Group

by on February 21, 2016 in Business, Latest News, Lead Article, News you can use, Nuggets, Retail, Retail News

Sainsbury’s hopes of grabbing Home Retail Group (HRG), owner of Argos, have been hit by a last-minute £1.4billion bid tabled by a South African stores conglomerate.

Steinhoff, which is 17 per cent owned by South African retail billionaire Christo Wiese, (pictured) has approached HRG with a cash offer believed to be worth 175p a share – a total of £1.4billion – which is well above Sainsbury’s 160p mixture of cash and shares.

One source familiar with Wiese and Steinhoff’s business strategy said: ‘Argos is a hell of a challenge. But Christo is in that mode and if he’s bidding cash for it, he’s going to get it.’

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