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South Africa's Steinhoff purchases Poundland for $793 mln

JOHANNESBURG, July 13 (Reuters) - South Africa’s Steinhoff has reached an agreement to buy Britain’s Poundland for 597 million pound ($793 million)in cash, the retailers said in on Wednesday.

“The Poundland Board believes that Steinhoff’s all-cash offer presents Poundland shareholders with an opportunity to realise their shareholding at a certain and attractive price,” Chairman of Poundland Darren Shapland said in a statement.

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