African Retail Giant Close to Settling its Debts

Steinhoff International Holdings NV is getting close to reaching a potential deal on $11 billion of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company. South African claimants — including former chairman Christo Wiese whose suit amounts to $3.5 billion — have been offered a combination of cash and shares in Pepkor Holdings Ltd., one of the people said. It isn’t immediately clear how much a settlement could amount to, the people said, asking not to be identified because talks are continuing and a deal may not be reached. Steinhoff owns 68% of Pepkor, Africa’s largest clothing retailer.

SOURCE: BLOOMBERG