South Africa’s Steinhoff proposes $1 billion settlement to solve legal disputes

JOHANNESBURG (Reuters) – Scandal-hit South African retailer Steinhoff International said on Monday it had proposed a settlement, worth up to around $1 billion, to settle a stream of legal claims against the company.

The value would be paid in both cash and shares in retailer Pepkor , Steinhoff’s subsidiary, if the settlement is given the consent of creditors, regulators and eligible claimants, Steinhoff said in a statement.

(Reporting by Emma Rumney; editing by Olivia Kumwenda-Mtambo)