Steinhoff, a $22 billion furniture, homeware and clothing conglomerate, has acquired a 23 per cent stake in Poundland and confirmed that it is considering making an offer for the UK discount retailer. The company already owns Pep, which sells discount clothing, footwear and homeware across 1,800 stores in Africa, as well as UK furniture chain Harvey's.

Heavyweights

Linklaters M&A heavyweight Charlie Jacobs, who is set to succeed Robert Elliott as senior partner in October, has been instructed by Steinhoff.

Freshfields corporate partner Oliver Lazenby is advising Poundland, having acted for the company on its £55m acquisition of rival 99p Stores last year.

Source: Legal Business