South African group Steinhoff’s takeover of budget group Poundland has been backed by shareholders, marking the end of a long and drawn-out process to approve the £610 million deal.
The move was backed by 98% of the company’s shareholders, despite concerns that US hedge fund Elliot Management may use its large stake of 25% to block the deal and attempt to force Steinhof to raise its bid yet again.

Steinhof already owns budget retailers across 30 countries as well as owning Harveys and Bensons for Beds in the UK.