Company Data
| Last traded |
R26.64 |
| Change |
R0.22 |
| % Change |
0.83% |
| Cumulative volume |
4.02m |
| Market cap |
R47.14bn |
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Paris - PPR said on Thursday it was in exclusive talks to sell its Conforama furniture unit to
Steinhoff International Holdings [JSE:SHF] as it moves away from retail in favour of sport, lifestyle and luxury.
The French luxury and retail group led by Francois-Henri Pinault said in a statement the deal was for €1.2bn in cash, while the working capital balance Conforama was due to pay PPR would be repaid on closing.
Sources put the total price tag at around €1.62bn (R14.7bn).
Conforama, which PPR acquired in 1991, sells furniture including the €790 "Loft" white sofa, household appliances and decorative objects like the €38 "leny" desk lamp, and has around 180 stores in France.
PPR also owns Fnac, Redcats and the luxury Gucci Group, which accounts for the bulk of its valuation and includes fashion brands include Yves Saint Laurent, Bottega Veneta and Stella McCartney.
Steinhoff chief executive
Markus Jooste cited access to France "one of Europe's largest household goods markets" as one of the advantages of the buy.
The deal should be concluded in the coming weeks, after which it would be submitted to Steinhoff's shareholders at a general assembly and then competition authorities, PPR said.
PPR said Steinhoff shareholders representing more than 50% of issued ordinary capital had already undertaken to vote in favour of the deal