Poundland in £597m South African takeover

Discount chain Poundland has agreed to a £597 million takeover by South African retail group Steinhoff International.

Poundland accepted the 222p-a-share bid after rejecting a cash offer from Steinhoff last month for an undisclosed sum.

The takeover follows a slump in Poundland's shares over the past year after tough trading and a difficult takeover of rival 99p Stores.

Mr Jooste added that current management at Poundland would continue to play a "key role" after the takeover, and said he looked forward to "welcoming" the chain's employees.

The company added that there were no plans to change the group's head office in Willenhall, West Midlands, or employment conditions.