Bloomberg News

Berggruen Among Final Bidders for Schlecker, Sueddeutsche Says

May 26, 2012

Nicolas Berggruen, the owner of the Karstadt department-store chain, is one of the two remaining bidders for German retailer Schlecker, Sueddeutsche Zeitung reported, without saying where it got the information.

The other bidder is U.S. private-equity firm Cerberus Capital Management LP, the German newspaper said. Schlecker’s creditors have declined offers made so far because the prices were too low and the concepts weren’t “sophisticated enough,” Sueddeutsche Zeitung said, citing insolvency administrator Arndt Geiwitz.

Investors have until June 1 to submit an offer, Sueddeutsche Zeitung said. A spokesman for Berggruen confirmed talks had taken place between Berggruen and Geiwitz in the last few days but declined to comment on any concrete offer or on a price, the newspaper said. More than 10,000 people would have to be fired if Schlecker’s 3,200 stores in Germany were closed, Geiwitz told Sueddeutsche Zeitung.

To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net

To contact the editor responsible for this story: Celeste Perri in Amsterdam at cperri@bloomberg.net


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