Steinhoff International: Steinhoff to buy Austria’s Kika-Leiner

South African furniture retailer Steinhoff International would acquire Austria’s Kika-Leiner Group as part of its strategy to bulk up its presence across Europe, the company said yesterday. Steinhoff, which owns several furniture retailers in Europe, said in a statement it had agreed to buy Kika-Leiner, subject to certain conditions. The company did not give a value for the proposed transaction or details of the conditions. It said the Austrian company had annual net sales of about e1.2 billion (R15.8bn) and a network of 73 shops, with 23 of those in central and eastern Europe. Steinhoff said the deal would give it a presence in Austria and bolster its limited presence in central and eastern Europe. Steinhoff shares increased by 1.99 percent to close at R24.58 on the JSE yesterday. – Reuters