Steinhoff International Holdings N.V. (SNH)

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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 14 Jun 2018 15:40

Austrian property developer Rene
Benko has offered 450 million euros ($532 million) for Austrian
Steinhoff SNHG.DE unit Kika/Leiner, daily Die Presse
reported on Thursday.
The offer expired at 1130 GMT, the paper said, citing
sources familiar with the issue. Daily Oe24 said earlier that
Benko was offering around 500 million euros.
Benko, who according to his website owns a 12 billion euro
real estate portfolio and generates annual revenue of 4 billion
euros with retail businesses via his Signa Holding, was not
immediately available for comment
Kika/Leiner, which has annual sales of around one billion
euros, was also not available for comment.
Steinhoff revealed holes in its accounts six months ago,
shocking investors who had backed its reinvention, sending its
shares crashing and leaving it scrambling to pay its debts.
On Tuesday, its creditors agreed to give it more time to
restructure 9 billion euros ($11 billion) in debt. Holders of
2.7 billion euros in three convertible bonds backed a debt
standstill agreement, the company said.
The South African retailer is listed in Johannesburg and
Frankfurt but its parent is incorporated in the Netherlands.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 14 Jun 2018 21:44

Ziet er toch naar uit dat de boel nog gered gaat worden.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 15 Jun 2018 15:44

South Africa's Steinhoff
Africa Retail (STAR) said on Friday it plans to change
its name to Pepkor Holdings Limited.
STAR, which previously said it was financially independent
of its scandal-hit parent company Steinhoff International
SNHG.DE , said its historic operations of Pepkor
represent the majority of the firm's revenue and operating
profit and is representative of the group.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 16 Jun 2018 15:13

By Maryam Cockar
Steinhoff International Holdings NV (SNH.JO) said Friday that it will sell its loss-making Kika/Leiner furniture retail operating companies and property holding companies to Signa Holding GmbH.
The South African retailer said it accepted a conditional offer from Signa for all Kika/Leiner assets and that, should the deal be finalized, the consideration for each of the operating companies will be nominal. The consideration for the property companies will be based on an agreed enterprise value, subject to adjustments.
Signa, an Austrian property company, will carry out due diligence for the operating companies until June 19. The deal to buy the property holding companies is expected to close by the end of September.
Steinhoff said any cash demands on the group from the Kika/Leiner sale assets will now cease.
The company said it had been restructuring Kika/Leiner but credit insurers of suppliers to the retail businesses withdrew their credit insurance cover at the start of June. The withdrawal of credit support placed further liquidity constraints on the Kika/Leiner businesses, adding to tough trading conditions.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
June 15, 2018 01:53 ET (05:53 GMT)
© 2018 Dow Jones & Company, Inc.

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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 22 Jun 2018 10:51

South African retailer Steinhoff International Holdings N.V. <SNHJ.J> said it had agreed to sell Kika/Leiner furniture and household goods retail unit to Austrian property and retail investor Rene Benko's Signa Holding GmbH for a "nominal amount".
Steinhoff revealed holes in its accounts six months ago, shocking investors who had backed its reinvention, sending its shares crashing and leaving it scrambling to pay its debts.
Steinhoff said the consideration for Kika/Leiner operating companies would be a nominal amount, but did not disclose details. Kika/Leiner said last week that Benko had reached a deal to buy the company, saving it from bankruptcy.
The South African firm said the sale would require clearance from the competition authorities in Austria, the Czech Republic and Slovakia on or before Sept. 30.
Kika/Leiner has a market share of around 20 percent in its home market, targeting upmarket as well as price-conscious customers with a broad product range.
It needs further funding besides a turnaround plan focusing on reducing product range and headcount, Steinhoff said in a presentation last month. The unit's marketability and fair value were not currently possible to assess, it said.
"Signa has prior restructuring experience in the retail sector and as such offers the Kika/Leiner business, its suppliers, customers and employees the support required at this time," Danie van der Merwe, acting Steinhoff CEO, said.
Benko controls a 12 billion euro ($14 billion) real estate portfolio and generates annual revenue of 4 billion euros with retail businesses via his Signa Holding, according to his website.
Benko already bought Kika/Leiner's flagship store in central Vienna shortly after the Steinhoff crisis erupted in December.
Steinhoff also said on Friday it would sell property holding companies to Signa Holding GmbH based on an enterprise value of about 490 million euros (428.8 million pounds).
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 22 Jun 2018 10:51

ECB sets aside 69 million euros after Steinhoff loss
[Reuters]
Reuters•June 20, 2018

(Reuters) - The European Central Bank has set aside 68.9 million euros (60.7 million pounds) to cover the loss on a corporate bond bought as part of its stimulus programme, the Banque de France said on Wednesday.

It was probably related to debt issued by Steinhoff, which the ECB decided to sell at a loss in January after the South African retailer became embroiled in an accounting scandal .

The ECB never disclosed the size of the loss, which had fuelled criticism of its Corporate Sector Purchase Programme - the second-largest component of a 2.6 trillion-euro money-printing programme aimed at boosting inflation.

"Following an impairment test conducted on the CSPP portfolios, the Governing Council has deemed it necessary to make a provision for a total amount of 68.9 million euros for losses on monetary policy operations relating to one security held by a Eurosystem central bank," the Banque de France said.

The Steinhoff bond was bought by the Bank of Finland, but the risk associated with credit purchases are shared among all of the euro zone's 19 central banks.

Some lawmakers, academics and activists deem credit purchases too risky for central banks because companies can go bust.

"However marginal relative to the ECB's unlimited financial resources, the Steinhoff loss ... shows the ECB's logic of buying whatever the market provides is clearly flawed," said Stanislas Jourdan, head of activist group Positive Money Europe.

Positive Money Europe calls for the ECB to spend its money on debt issued by the European Investment Bank or on causes such as green finance.

The ECB expects to stop buying new bonds at the end of the year, but it plans to reinvest the money it receives from debt that matures for a long time.