DLA Piper Affiliate Reps Steinhoff In $1.1B Kap Deal

Law360, New York (October 18, 2011, 1:50 PM EDT) -- South African furniture and household goods company Steinhoff International Holdings Ltd. said Tuesday it would sell industrial subsidiaries to Kap International Holdings Ltd. in a $1.1 billion deal that will give Steinhoff a majority stake in the company.

Steinhoff said in a statement that Kap, also based in South Africa, is purchasing its timber and wood products, supply chain and raw materials businesses in exchange for ordinary shares in Kap and the crediting of a loan account in favor of Steinhoff for more than $500 million....
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