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Steinhoff agrees $794 mln takeover of UK's Poundland

Reuters - UK Focus

(Refiles to add dropped "mln" from headline)

LONDON, July 13 (Reuters) - South Africa's Steinhoff will bulk up its presence in the British market after agreeing a 597 million pound ($794 million) takeover of single price retailer Poundland, it said on Wednesday.

The deal, which has been recommended by the British company's board, would see Steinhoff pay 222 pence in cash for each Poundland share.

That offer is comprised of 220 pence per Poundland share as well as a final dividend of 2 pence per share.

The move for Poundland is Steinhoff's third attempt this year to increase its presence in Europe after walking away from high-profile takeover battles for Britain's Home Retail (Other OTC: HMRLF - news) and France's Darty (Other OTC: KESAF - news) .

($1 = 0.7519 pounds) (Reporting by James Davey; editing by Kate Holton)