South African multinational household and furniture conglomerate, Steinhoff has indicated plans for a European listing, with an initial public offer (IPO) expected in Frankfurt, Germany later this year, newspaper reports have revealed.
Funds realized from the offer will be expended in clearing debts and fund expansion, a report by Reuters, which quoted German magazine WirtschaftsWoche, explained. Further confirmation could not be secured as we were unable to reach Steinhoff for comments.
Steinhoff is one of Europe’s largest furniture retail businesses with assets including Harveys, UK’s largest furniture specialist, Bensons for Beds, also the largest retailer of beds in the UK, and Conforama, a major provider of furniture and household appliances in France, Spain, Portugal and Switzerland.
It recently revealed plans to acquire a 98 percent stake in South African diversified group, JD Group, which also operates a furniture business as well as consumer finance unit.
