The share price for Steinhoff jumped to its best level in almost three weeks on Monday, as the retailer allayed market speculation about its plans to reach a global settlement on its multibillion rand lawsuits.
Steinhoff said in a statement on Monday that it was still uncertain about whether any settlement proposal would be announced or whether any settlement would be supported by its shareholders regarding litigation claims brought against the retailer, following an accounting scandal that led to the collapse of its share price in December 2017.
Bloomberg reported on Friday that the embattled retailer was near to reaching a potential deal on €10bn of legal claims and that SA claimants have been offered a combination of cash and shares in Steinhoff subsidiary Pepkor Holdings.
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Steinhoff share jumps after assuring market about settlementsThe legal claims include a R59bn lawsuit by former chair Christo Wiese
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Business Maverick: Steinhoff Likely Near to Settling $11 Billion in Legal ClaimsSteinhoff International Holdings NV is close to reaching a potential deal on 10 billion euros ($11 billion) of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter.
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