Shoprite and Steinhoff's share prices have jumped 7 percent and 6 percent respectively after the retailers called off the proposed merger. A statement from the companies said that the Public Investment Corporation, Titan and Steinhoff did not reach an agreement on the exchange ratio that would apply to the share exchange. PIC is the investment firm owned by the South African government. Titan is the investment arm through which South Africa's richest man -- Christo Viese -- holds shares in the grocery and furniture groups.
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