Sainsbury's rival Steinhoff pulls out of race for Home Retail Group

South African retail group confirms withdrawal in a statement to London stock exchange

Sainsbury’s is on course to take over Home Retail Group for £1.4bn after South African retail group Steinhoff said it had ditched plans to make a rival bid for the Argos owner.

Steinhoff, which owns furniture chains Bensons for Beds and Harveys in the UK, released a statement to the stock exchange in London confirming its withdrawal on Friday afternoon.

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from Mergers and acquisitions | The Guardian http://ift.tt/1UmCU4u