Jun 27, 2013. /Lesprom Network/. The Directors of Steinhoff announced that agreements were concluded, which if implemented, and subject to certain conditions precedent, will result in Steinhoff Europe AG or its Nominee ("SEAG"), acquiring the entire issued share capital of the kika and Leiner groups of Companies ("kika-Leiner"), as the company said in the press release received by Lesprom Network.

The kika-Leiner Group is one of the leading furniture retail companies in Europe, with 7500 employees, shops in 73 locations, 50 of which are in Austria with the remainder of the locations in Central and Eastern Europe, and yearly net sales of approximately Euro 1.2 billion.

Commenting on the potential acquisition, the CEO of the Steinhoff Group, Markus Jooste, said, "SEAG is pleased to be associated with a group such as kika-Leiner."

Steinhoff International is an integrated retailer that manufactures, sources and retails furniture and household goods in Europe, Africa and the Pacific Rim. In addition, the group owns diversified industrial businesses in southern Africa providing specialist supply chain and logistics services, timber products and other raw materials across diverse industries.