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May 22, 2008

Steinhoff's empowerment deal falls flat

VOLATILE markets have scuttled a R1,8bn empowerment deal that would have seen Steinhoff International's local subsidiary sell a 20% stake to an empowerment group.

The furniture company said yesterday the deal had fallen through as the empowerment investors were not able to raise equity funding on suitable terms because of "volatile conditions in global equity markets ". Steinhoff had raised the debt funding package, but access to the debt was conditional on the investors raising their share.

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Posted by StaffWriter at May 22, 2008 2:51 PM