€450m of­fer for Kika/Leiner

The Mercury - - COMPANIES -

AUSTRIAN prop­erty de­vel­oper Rene Benko has of­fered €450 mil­lion (R7.04 bil­lion) for Austrian Stein­hoff unit Kika/ Leiner, daily Die Presse re­ported yes­ter­day. The of­fer ex­pired at 11.30am, the pa­per said, cit­ing sources fa­mil­iar with the is­sue. Daily Oe24 said ear­lier that Benko was of­fer­ing around €500m. Benko, who ac­cord­ing to his web­site owns a €12bn real es­tate port­fo­lio and gen­er­ates an­nual rev­enue of €4bn with re­tail busi­nesses via his Signa Hold­ing, was not im­me­di­ately avail­able for com­ment. Kika/Leiner, which has an­nual sales of around €1bn was also not avail­able for com­ment. Stein­hoff re­vealed holes in its ac­counts six months ago, shock­ing in­vestors and send­ing its shares crash­ing and leav­ing it scram­bling to pay its debts. On Tues­day, its cred­i­tors agreed to give it more time to re­struc­ture €9bn in debt. Hold­ers of €2.7bn in three con­vert­ible bonds backed a debt stand­still agree­ment. – Reuters

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