Tuesday, August 19, 2014

Acquisition: Karstadt moves board meeting – THE WORLD

Acquisition: Karstadt moves board meeting – THE WORLD

The department store group Karstadt shifts the anticipated board meeting, which was scheduled for next Thursday. How experienced “The world,” company sources, no new date has been for the coming together of the supervisory body set.

The reason for the shift is the lack of consent of the Bundeskartellamt called for acquisition of the company by the Austrian investor Rene Benko.

Because of the lack of approval of the competition authorities, the experts, however, no doubt, is the Karstadt acquisition formally not yet been completed. . This obviously makes the occupation of the capital owners bank problematic, as the representatives of the previous owner Nicolas Berggruen have no decision-making power

Stephan Fanderl, Chairman of the Board, said: ” We will address the rehabilitation of the Karstadt department store GmbH swiftly and decisively., but we can not prejudge the decision of the competition authority.’s why can be defined by the Federal Cartel Office and the election of shareholder representatives, a new meeting date after the release of the takeover. “

became known on Friday last week that the previous owner Nicolas Berggruen on the 83 remaining Karstadt department stores and the remaining stake in the premium stores and in the 28 sports stores for one euro Benko sold.

The Federal Cartel Office confirmed on Monday that the takeover was now logged on to the competition authority. Officially, the authority has one month for an initial review of the project.

The new Karstadt owner René Benko wants the ailing department store chain within one to two years rehabilitate. Benko rescue plan foresees apparently to close persistently lossy Karstadt stores. 20 houses are already doing in the focus of inspections

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