Steinhoff International strikes a bargain, snapping up Poundland for £597m

Poundland has been acquired by South African retail conglomerate Steinhoff International for half a billion pounds.
The cut-price retailer has accepted the £597m takeover approach from the company after rejecting an earlier bid in June. Poundland boasts 750 outlets across the UK and Ireland with a new fledged presence in Spain, bolstered by its 2015 acquisition of rival the 99p Store.
Darren Shapland, chairman of Poundland, said: "The Poundland board believes that Steinhoff's all-cash