Analysts welcome disposal of Steinhoff’s 'problematic' Austrian-based retailer Kika-Leiner
The full implications of the proposed sale of Steinhoff’s Austrian-based retailer Kika-Leiner are unclear, analysts say, but they welcome plans to dispose of a business at the heart of the controversial transfer of Steinhoff’s listing to Frankfurt. "There are reports Austrian property developer Rene Benko has offered around €450m," retail analyst Syd Vianello said on Friday, "but a lot of information is still missing, in particular what is the extent of liabilities being left with Steinhoff." Steinhoff’s "acquisition" of Kika-Leiner in 2013 was highly problematic, he said. Kika-Leiner CEO Gunnar George has been in discussions with potential white knights for several months. Austrian-based property group Signa Holding emerged as the most likely contender when the Austrian competition authorities indicated their opposition to a deal with competing furniture retailer XXXLutz.
For the purposes of the sale Kika-Leiner will be split into its retail operations (OpCos) and its propert...
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