South Africa: Steinhoff Increases Its Settlement Offer By R4 Billion

Steinhoff has substantially sweetened its proposed settlement offer to multiple shareholder claim groups, but it's impossible to know whether the improved offer will pass shareholder muster -- and the vote is likely to go down to the wire.

Steinhoff announced on Friday that it had added just under R4-billion to its settlement offer, which now amounts to €2.1-billion or R20-billion. That might sound like a lot, but it means that the majority of claimants would be getting somewhere between 6.64c and 9.96c in the euro.

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