Steinhoff, Kap International in $1.1 billion deal
The transaction will lift Steinhoff’s stake in Cape Town-based Kap to 88 percent from 34 percent.Steinhoff, which has a 32.4 percent stake in South African furniture maker JD Group (JDGJ.J), also said it secured a call option to buy a further 27.2 million shares in JD Group in exchange for 435.2 million Kap shares.If the option is exercised, it would cut Steinhoff’s stake in Kap to 62 percent and increase its holding in JD Group to more than 50 percent.Shares in Kap jumped 9.09 percent to 2.40 rand by 1114 GMT, while Steinhoff (SHFJ.J) declined 1.15 percent to 22.41 rand and Steinhoff (SHFJ.J)gained 1.03 percent to 40.40 rand.($1 = 7.954 South African Rand)
