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Steinhoff International to sell 50% POCO stake to Andreas Seifert for EUR270.7 million

Steinhoff International
Africa   LiVest holds the group’s shares in POCO

Steinhoff International Holdings on 26 April 2018 the group announced that it had agreed in principle a settlement of the German litigation proceedings between the group and entities controlled by Dr Andreas Seifert.

It was noted in the 26 April 2018 announcement that the Seifert Entities had offered to acquire the group’s remaining 50% interest in the POCO furniture group (POCO).

The group’s subsidiary LiVest holds the group’s shares in POCO and has today entered into a sale agreement with the Seifert Entities by which the Seifert Entities will acquire LiVest’s shares in POCO and certain related properties for a total consideration of €270.685 million.

In addition, the POCO business will retain debt of approximately €140 million, with no recourse to the group.

The closing of the POCO Sale is subject to typical conditions precedent including German and Austrian competition and merger control provisions.

Closing of the POCO Sale shall bring the German litigation proceedings with the Seifert Entities to an end.

As noted in the company’s Q3 2018 trading update, following the declaration of a dispute by the Pohlmann family regarding the 2015 sale of their interest in LiVest to Steinhoff, any proceeds from the sale by LiVest of its 50% share in POCO will be held in escrow while the Pohlmann dispute is finalised.

Shareholders and other investors in the company are advised to exercise caution when dealing in the securities of the group.


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