Steinhoff pulls out of race for Home Retail Group
South African retail group Steinhoff has decided not to make a firm bid for Home Retail Group – which leaves Sainsbury on course to pursue its proposed £1.4bn take-over. The Home Retail Group owns the Argos chain.
Sainsbury’s, which is understood to be particularly interested in Argos’ strong home delivery network, has until 17:00 GMT today to submit its firm bid.