It seems Steinhoff can't leave other companies' deals alone. The South African retail giant first grabbed headlines a couple of weeks ago for mounting a rival bid for Home Retail (HOME), a company British supermarket chain Sainsbury's (SBRY) already had in its sights. While the outcome from that tug of war remains far from clear, Conforama - a member company of the Steinhoff conglomerate - has now launched a preliminary counter offer for French electricals retailer Darty (DRTY), pushing the shares up more than 9 per cent. The problem is, Darty already agreed a formal takeover with French retail giant Fnac last September; the transaction was due to complete this summer.
Steinhoff's interest might suggest its play for Home Retail - essentially, the Argos brand - has a limited chance of success. Others reckon this is just the company's way of making its global ambitions clear. Interestingly, both Argos and Darty are known for their specialism in electricals - a market that still holds promise if recent trading at Dixons Carphone (DC.) is anything to go by.