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JOHANNESBURG, Dec (Shanghai: 600875.SS - news) 7 (Reuters) - New owner Steinhoff is dropping Poundland's single-price format to sell a broader range of products to thrifty British consumers, the South African company said on Wednesday. Steinhoff, on its own spending spree for no-frills furniture and general merchandise assets in Europe, bought Poundland for $800 million, a deal analysts said would be a prelude to an overhaul at the British retailer. The highly acquisitive firm, which also tried to buy France's Darty PLC and Britain's Home Retail, is adding apparel and footwear products from its Pep&Co chain to Poundland.
As part of its approval, the French competition authority required the combined unit to get rid of some six stores. The authority said earlier this month it would take account of online sales when analyzing the deal, which was bound to lower Fnac and Darty (Other OTC: KESAF - news) 's share of the physical store market in France.
France's competition authority on Monday approved plans by French music and book chain Fnac to take over consumer electronics retailer Darty . The regulatory decision means that the two companies will create France's largest electrical goods retailer with combined sales of nearly 8 billion euros ($8.84 billion), allowing it to better compete with online retail giants such as Amazon . As part of its approval, the French competition authority required the combined unit to get rid of some six stores.