In return, the stake is given to Tedi. Tengelmann and business partner Stefan Heinig will go their separate ways in the future.
Tengelmann boss Christian Haub is reorganizing the German retail group and will completely take over the textile discount company KiK. To this end, Tengelmann will acquire the shares currently held by the HH Group in KiK with effect from January 1, 2021, the company announced on Wednesday.
Silence
In return, the HH group of companies will acquire Tengelmann's stake in the non-food discount store Tedi on April 30, 2021. The parties have agreed not to disclose the respective purchase price. The transactions are subject to the usual antitrust reservations.
After more than 25 years of successful cooperation, the two family businesses will go their separate ways in the future, according to the announcement. The group of companies around long-standing Haub business partner Stefan Heinig previously held 15.2 percent of KiK.
Tengelmann has a 30 percent stake in Tedi. “In the future we will implement our entrepreneurial ideas separately from one another, but will remain on friendly terms”, the sole managing partner of the Tengelmann Group, Christian Haub, is quoted in the press release.
Inheritance dispute
In addition to KiK and the Obi hardware store chain, the Tengelmann Group also has numerous investments in start-up companies. In 2019, the group with more than 90,000 employees had a turnover of 8.1 billion euros.
After the sudden disappearance of his brother Karl-Erivan Haub, Christian Haub took over the helm in the group of companies on a ski tour in the Valais Alps. Since then, an inheritance dispute has been smoldering in the Tengelmann family.
