Poundland shareholders overwhelmingly give Steinhoff green light for takeover September 7, 2016 Steinhoff International's long-running takeover attempt of Poundland was given the green light today by the discount chain's shareholders, who overwhelmingly backed the deal. At a general meeting at Poundland's head office in Willenhall in the West Midlands, 98.4 per cent of investors approved the South African retail giant's revised offer, which it hiked last month from [...]
Sainsbury’s to install 20 Argos outlets in time for Christmas September 5, 2016 Sainsbury's is set to install another 20 Argos outlets inside its supermarkets in the latest move to integrate the two stores following Sainsbury's acquisition of Argos-owner Home Retail Group (HRG). The supermarket giant completed the £1.4bn takeover of HRG, which also owned Homebase until earlier this year, at the end of last week, after being given the green light [...]
Supermarket chic: Sainsbury’s to launch new premium fashion brand September 2, 2016 Hobbs, LK Bennett and Whistles could be feeling nervous this weekend – as Sainsbury's prepares to launch its new range of women's clothing early next week. The supermarket group named those three high-end brands in particular as it threw down the gauntlet in the battle to win more customers with its new collection. "The quality and styling [...]
Activist investor pushes for boost to Steinhoff’s offer for Poundland August 7, 2016 US activist hedge fund Elliott Advisors is threatening to derail Steinhoff’s £597m bid for Poundland unless the offer is improved. Elliott increased its stake in Poundland to around 17.5 per cent just days after Poundland’s board agreed to the 222p a share cash takeover offer. Read more: Steinhoff increases Poundland holding despite Brexit vote The offer [...]
Sainsbury’s gets blessing from competition watchdog for Argos takeover July 22, 2016 Sainsbury’s proposed acquisition of Home Retail Group has been given clearance by the Competition and Markets Authority (CMA). The body said this morning that it would not be referring the deal for further investigation. J Sainsbury agreed a cash and shares deal, then worth £1.4bn, for the Argos owner in April. Read more: Sainsbury's remains committed [...]
Arm Holdings is just the start of a great British asset sale July 18, 2016 The UK’s vote to leave the EU was seen by some Brexiteers as a chance to reclaim the country’s borders, draw up a new fortress UK, as well as make a protest vote against the rise in inequality after the financial crisis. But in the investment markets, the drawbridge has already been lowered. Thanks to [...]
Sainsbury’s remains committed to Home Retail purchase despite Brexit vote July 5, 2016 Sainsbury’s reaffirmed today its desire to purchase Home Retail group despite the increased economic uncertainty after the UK voted to leave the EU. "We remain absolutely convinced by the strategic rationale of the deal and we think it will strengthen our business. We remain committed to making the deal happen," said CEO Mike Coupe. The [...]
Sainsbury’s gives up its discount dreams as it ditches Netto UK stores July 4, 2016 Sainsbury's is ditching its partnership with European discounter Netto and plans to close 16 Netto UK stores in August. The joint venture between Dansk Supermarked Group's (DSG) Netto and Sainsbury's began in June 2014; around 400 jobs in the stores are now at risk as Sainsbury's focuses instead on its acquisition of Argos owner Home Retail Group. Read more: Sainsbury's has named new chief executive [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Steinhoff is having second thoughts on Poundland post-Brexit June 24, 2016 South African conglomerate Steinhoff is going off discount retailer Poundland following the unexpected Brexit vote. Steinhoff, owner of UK furniture firm Harveys and Bensons For Beds, blamed last night's vote for the UK to quit the European Union, as well as the recent falls in Poundland shares, for the decision. The UK yesterday voted by 52 per cent to 48 per cent to [...]