Austrian Investor Promises Investments, No Job Cuts At Kaufhof-Report
27 Novembre 2011 - 12:30PM
Dow Jones News
Austrian investor Rene Benko, who is interested in buying Metro
AG (MEO.XE) subsidiary Kaufhof, promises significant investments
and no job cuts if he takes over the company in an interview in
Tagesspiegel Sunday.
In addition to paying the purchase price and carrying out
investments already planned by Kaufhof, Benko's bidding consortium
wants "to invest around EUR800 million in the next two to three
years in German locations [of Kaufhof]," Benko is quoted as saying.
Job cuts are "at all not a topic."
Benko, who has been reviewing Kaufhof's books for several weeks,
considers the company to be in good shape.
"Not only my feeling but also my finding tells me that Kaufhof
is a solid, well-positioned company with a perfect management,"
Benko is quoted as saying, adding that Kaufhof can be run as an
independent company in the long run.
He said that a "very wealthy Austrian industrial family which,
however, doesn't want to be named" will soon join his consortium.
Beside Benko's Signa-Holding, which has a "significant majority,"
also the previous Porsche Automobil Holding SE (PAH3.XE) chief
Wendelin Wiedeking and the Schoeller family are members of the
consortium.
Benko, however, doesn't want to enter a price competition for
Kaufhof with Karstadt owner Nicolas Berggruen, according to the
newspaper. "For sure we don't want Kaufhof at any price," he is
quoted as saying. "We have clear price ideas."
Full story: http://www.tagesspiegel.de
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
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