Squabbling over the Steinhoff carcass
Talk of asset sales has helped electrify Steinhoff’s share price of late. But there are many debts to be paid
The recent run in the Steinhoff share price — an 80% jump over a few days, to an eight-month high of R1.62 — has been powered by speculation that the group is in talks to sell its European chain, Pepco, for a cool R86.5bn.
Steinhoff’s head of investor relations, Tyrrel Murray, wouldn’t confirm the speculation, but referred the FM to a "progress update" issued in November, in which Steinhoff was "considering" a range of strategic options for the Pepco group — including a potential public listing...