The merger of Karstadt and Kaufhof is nothing more: banks agreed to merger of two department stores on Wednesday evening, first reported Süddeutsche Zeitung. Insider confirmed information to Reuters news agency.
According to Süddeutsche Zeitung, 20,000 jobs are to be dismantled in course of merger at Kaufhof 5,000. This means that remaining employees have a remediation collective agreement with poorer conditions.
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The Canadian trading company Hudson’s Bay (HBC), to which Kaufhof belongs, and Austrian Karstadt owner René Benko (Signa Group) had agreed at beginning of July for a merger under Karstadt management. The funders now clearly agreed to concrete plans that a blockade had not stood in room during negotiations. As early as end of August it was said that a final agreement on merger was only a matter of weeks. The companies did not comment on conclusion of negotiations at first.
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With just under 51 percent, Benko Kotar holding Signa was to receive slightly more than half of shares in joint venture and manage its operating business with its trade expert, Karstadt chief Stephan Fanderl, had already told insider Reuters. The department store real estate should also be part of agreement. In deal, Kaufhof owners HBC would be expected to Benko Kotar almost one billion euros for a share in operating business and department store real estate.
