{"id":8266,"date":"2012-02-24T02:34:31","date_gmt":"2012-02-24T00:34:31","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-1-steinhoff-says-european-unit-ipo-could-raise-2-bln\/"},"modified":"2012-02-24T02:34:31","modified_gmt":"2012-02-24T00:34:31","slug":"update-1-steinhoff-says-european-unit-ipo-could-raise-2-bln","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-steinhoff-says-european-unit-ipo-could-raise-2-bln\/","title":{"rendered":"UPDATE 1-Steinhoff says European unit IPO could raise $2 bln"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Adds earnings outlook, shares)<\/span><\/p>\n

<\/span><\/p>\n

By Tiisetso Motsoeneng<\/p>\n

<\/span><\/p>\n

JOHANNESBURG<\/span> Feb 23 (Reuters) – South Africa’s
\nSteinhoff International could raise at least $2 billion
\nwhen it eventually floats its European unit, the furniture
\nmaker’s head of investor relations said on Thursday.<\/p>\n

<\/span><\/p>\n

Steinhoff, Africa’s top furniture maker and one of Europe’s
\nbiggest furniture retailers, could list the European business in
\nLondon, Paris or Frankfurt, said Mariza Nel, Steinhoff’s head of
\ninvestors relations.<\/p>\n

<\/span><\/p>\n

“The European unit is listable. It’s big enough but we’re
\nnot in a hurry,” she said, adding the listing could raise a
\nminimum of 1.5 billion euros ($2 billion) depending on the free
\nfloat requirements of the bourse it floats in.<\/p>\n

<\/span><\/p>\n

Nel said there was no clear date as to when the company
\nwould list the unit.<\/p>\n

<\/span><\/p>\n

The company said after the close of trade on Thursday that
\nfirst-half results likely rose by as much as 50 percent, helped
\nby the inclusion of earnings from unit Conforama Holdings, which
\nit acquired in March 2011, and a more favourable euro-rand
\nexchange rate.<\/p>\n

<\/span><\/p>\n

Shares of Steinhoff jumped 5.1 percent to 26.56 rand by 1423
\nGMT, putting it on track for its biggest one-day gain since May
\n2010.<\/p>\n

<\/span><\/p>\n

An initial public offering of the business would complete
\nSteinhoff’s restructuring drive aimed at creating three listed
\nseparate businesses focused on manufacturing, selling furniture
\nin Europe and sales in emerging markets.<\/p>\n

<\/span><\/p>\n

Steinhoff sells furniture in Britain under the Harveys and
\nSleepmasters brands and in the rest of Europe under the
\nConforama brand.<\/p>\n

<\/span><\/p>\n

The company also wants to increase its stake in South
\nAfrican retailer JD Group in share-swap deal that would
\nreduce its holding in manufacturing firm Kap International
\n to about 62 percent.
\n($1 = 0.7552 euros)\t<\/p>\n

(Editing by David Dolan)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

(Adds earnings outlook, shares) By Tiisetso Motsoeneng JOHANNESBURG Feb 23 (Reuters) – South Africa’s Steinhoff International could raise at least $2 billion when it eventually floats its European unit, the furniture maker’s head of investor relations said on Thursday. Steinhoff, Africa’s top furniture maker and one of Europe’s biggest furniture retailers, could list the European […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8266"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8266\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}