Steinhoff chairman Christo Wiese having previously owned UK multi-priced discounter Poundstretcher before exiting the business in 2009. Credit Suisse said synergies from existing UK business were limited, given Steinhoff's UK portfolio mainly consists of furniture and household goods retailers, such as Harveys furniture and Bensons for Beds. But the broker did expect central costs could be taken out through back office savings. The deal needs approval from 75% of Poundland's non-Steinhoff shareholders, but approval is expected with the offer being dubbed "a good result" by Liberum and a "good solution" by Jefferies.