(Adds detail, context, share price move)
By Nqobile Dludla
JOHANNESBURG, Aug 11 (Reuters) - Scandal-hit South African
retailer Steinhoff International said on Wednesday it
was increasing its proposed lawsuit settlement offer by 3.21
billion rand ($217 million), taking the total to 1.43 billion
euros ($1.67 billion).
The announcement, which raised hopes the matter was nearly
closed, sent its Johannesburg-listed shares up 15.48%, to a more
than one-month high, while its primary Frankfurt-listed shares
jumped by 17.95% at 0942 GMT.
The retailer faces 90 separate legal claims in Germany,
South Africa and the Netherlands from shareholders who lost
money when it revealed holes in its accounts in December 2017,
the first sign of a multi-billion dollar fraud.
Steinhoff has previously increased its settlement proposal
to win over claimants.
Last month, it raised its offer by 243 million euros, but
that was not seen as enough.
"Whilst Steinhoff has received positive responses to its
July 16 offer, indications have been that it has attracted
insufficient overall support to achieve certainty of outcome,"
it said.
"Steinhoff believes that the adjusted proposed settlement
can resolve both legacy claims and, in SIHPL's (Steinhoff
International Holdings Proprietary Limited) case, the more
recent disputes."
The additional and final increase only applies to market
purchase claimants against SIHPL, the former South African
holding company of the Steinhoff group, and will be made
available by SIHPL alone, it said.
Steinhoff, the majority-owner of Pepkor in Africa
and Pepco in Europe, said the revised offer was
subject to regulatory and financial creditor approvals and does
not constitute an admission of liability.
Steinhoff said it has received confirmation that the active
claimant group, Hamilton, supports in principle the global
settlement based on the increased contribution by SIHPL.
Dublin-based Hamilton, in one of its cases, disputed the
split of claimants into separate classes with differing payout
ratios. It is seeking more than 14 billion rand on behalf of
about 14,000 retail investors, asset managers and pension fund
in South Africa.
Steinhoff said Hamilton will withdraw from the class
composition application.
($1 = 14.8313 rand)
($1 = 0.8539 euros)
(Reporting by Nqobile Dludla; Editing by Emma Rumney and
Barbara Lewis)