Skip to content
Subscriber Only

Steinhoff Likely Near to Settling $11 Billion in Legal Claims

  • Claimants may be offered combination of cash and Pepkor shares
  • Ex-chairman Wiese says he is hopeful deal will be reached soon
Steinhoff International Holdings NV headquarters in Stellenbosch, South Africa.
Steinhoff International Holdings NV headquarters in Stellenbosch, South Africa.Photographer: Dwayne Senior/Bloomberg
Updated on

Steinhoff 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.

South African claimants -- including former Chairman Christo Wiese whose suit amounts to 59 billion rand ($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.