Writertain

Welcome, guest: Register / Login / Trending / Recent

748 members, 208 topics. May 27, 2019, 8:39 am

South Africa: Book Extract - Christo Wiese - Risk and Riches

WriterTain Forum / Book Reviews & Discussions / South Africa: Book Extract - Christo Wiese - Risk and Riches (1 Post | 14 Views)

(1) (Go Down)

South Africa: Book Extract - Christo Wiese - Risk and Riches by Akinjidetayo(m) : 6:48 am On May 10

By T.J. Strydom
In 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.
Only a few days before the shares were issued, the news agency Reuters interviewed Christo Wiese. Two experienced journalists quizzed him on the chances of a Steinhoff-Shoprite merger. Giving nothing away, he said that to combine the two companies would be "a natural development".
"People know that I am 75 years old, and I, fortunately, have a son who is in business with me, but as a family, we are continually looking at consolidating our business interests," he added.
The story hit the wire and within minutes the share prices of both Shoprite and Steinhoff rose sharply - the market read it as a sign that a transaction was looming. Afterwards, Wiese was not happy about the story, probably because he and Markus Jooste were already planning a wedding between the two companies.
Three months later Steinhoff and Shoprite announced that they were in talks to form an "African retail champion". Shoprite, at this stage, was a retail giant. It had managed to achieve...
Read the full story on Daily Maverick .

https://allafrica.com/stories/201904300540.html

(Quote) (Report)

  

(1) (Reply)

Who is Better? : Nguji wa Thiong'O or Chinua Achebe / In Sweet Sixteen, Abdullahi interrogates moral enlightenment, self-identity / On Black Sisters’ Street by Chika Unigwe | Book Review /

(Go Up)

WriterTain - Copyright © 2018 Akintayo Akinjide (Admin). All rights reserved. Follow WriterTain on Facebook and Twitter
Disclaimer: Every WriterTain member is solely responsible for anything that he/she posts or uploads on WriterTain.