Genesis puts in offer for Steinhoff


South African furniture group Steinhoff International will move its primary listing to Frankfurt in December, it said on Friday.

The move will be facilitated by an offer from Genesis to acquire Steinhoff.

The details are as follows:


* Scheme consideration is one Steinhoff NV share for each Steinhoff share held.

* Scheme is conditional upon fulfilment or waiver of conditions.

* Genesis intends to have its name changed to Steinhoff International Holdings N.V. on implementation of scheme.

Johannesburg-based Steinhoff has been seeking a listing in Europe, where it makes the bulk of its profit, to enhance its capital structure.

Steinhoff said it would remain listed on the Johannesburg bourse through an inward listing but has no plans to relocate its headquarters. Worth nearly $23 billion, Steinhoff sells household furniture to lower-income shoppers in Europe, Africa and Asia.