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Shoprite chairman: Company is not for sale

Cape Town, South Africa A report released Monday said that Shoprite Holdings Ltd. chairman Christo Wiese is adamant that South Africa’s largest retailer by market value is not for sale.

According to a Bloomberg report, Shoprite has been approached by potential buyers but is not open to discussion. “We have had approaches from people in the past, but we are not sellers of our business,” Wiese told Bloomberg. “It’s a business that has a culture of family involvement and I think it would be risky to disturb that.”

On Sept. 27, Wal-Mart made an offer to acquire Massmart Holdings Ltd., South Africa’s biggest food and general goods wholesaler, in a transaction valued at U.S. $4.3 billion. The bid sparked rumors that other South African store operators, such as Shoprite and the country’s second largest grocer Pick n Pay Stores Ltd., could be targeted by Carrefour SA or Tesco Plc. in an acquisition effort.

Wiese and his family control about 18% of Cape Town-based Shoprite’s stock and, together with CEO Whitey Basson’s family, exercise voting control over the company.

© 2014