By Alec Hogg
Friends who have reached the milestone tell me turning 75 is memorable. For South African super entrepreneur Christo Wiese, who reaches his three quarter century mark on the 10th of next month, it promises to be spectacular.
Less than two years ago, Wiese became the biggest single shareholder in Steinhoff after merging his operating businesses into the company run by long-time friend and 20 year younger protege Markus Jooste.
We knew fireworks were coming after the company raised R18bn when moving its primary stock market listing to Germany. Yesterday, Steinhoff offered a staggering R52bn for Mattress Firm, a 3 500 store American bedding retailer. For context, that makes the Jooste/Wiese target worth more than JSE Top 50 companies Implats, Netcare and PSG.
This also sets Wiese up for the best 75th birthday present any super entrepreneur could ask for. By September 10, not only is Steinhoff’s US deal likely to have been secured, but the group should also have tied up its R11bn acquisition of the UK’s 300-store Poundland. Stellenbosch won’t have hosted many more delighted celebrants.
