Inactive Instrument

Steinhoff International Holdings N.V. Johannesburg S.E.

Equities

SNH

NL0011375019

Steinhoff International N : European Investors VEB support Steinhoff's $1 billion offer to settle global lawsuits

July 27, 2020 at 12:51 pm EDT

Shareholder rights group European Investors VEB said on Monday it supports Steinhoff's proposal to pay around $1 billion (778 million pounds) to settle outstanding legal claims following a massive accounting fraud.

The Netherlands-based group is one of the claimants holding the South African retail group liable for all losses incurred by shareholders after Steinhoff revealed holes in its accounts in December 2017.

VEB also said it has agreed to withdraw its collective legal battle, which started in 2018, against Steinhoff in the Netherlands with immediate effect.

(Reporting by Nqobile Dludla; Editing by Susan Fenton)

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Company Profile

Steinhoff International Holdings N.V. is specialized in retail. The group offers household goods, clothing, accessories, consumer products, furniture, household appliances etc. At the end of September 2022, the group had over 12,100 points of sale located in Europe (over 3,800 points of sale; under the PEPCO, Poundland, Dealz, PEP&CO and LIPO Einrichtungsmärkte brands), Africa (over 5,800; PEPKOR, PEP, ACKERMANS, Russells and flash), the United States (2,300; Mattress Firm), Australia and New Zealand (over 300; Greenlit Brands, Fantastic Furniture, Snooze, freedom and Original Mattress Factory). Net sales (excluding divested business) are distributed geographically as follows: South Africa (40.4%), Africa (4.5%), the United Kingdom (16.1%), Poland (11.5%), Europe (19.1%), Australasia (7.3%) and Brazil (1.1%).

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