Why Shoprite wants to pay Christo Wiese R3.3 billion

Christo Wiese. Picture: Supplied.

Why is Shoprite asking its shareholders to approve the payment of R3.3 billion to Christo Wiese in exchange for his high-voting shares?

What does the deal entail?

Ray White (in for Bruce Whitfield on The Money Show) interviewed Simon Brown, Financial Educator at Just One Lap.

Listen to the interview in the audio below (and scroll down for quotes from it).

I’ve moaned about these shares for 15 years… They were there to prevent a hostile takeover… They had a purpose…

Simon Brown, Financial Educator - Just One Lap

Why are we as shareholders being asked to bail Christo Wiese out?... Shoprite could just say, ‘Sorry about your loss of wealth’…

Simon Brown, Financial Educator - Just One Lap

I thought Christo Wiese would get the support… but I suddenly think it’s going to get a lot closer…

Simon Brown, Financial Educator - Just One Lap

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This article first appeared on 702 : Why Shoprite wants to pay Christo Wiese R3.3 billion


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