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The Signa Group is on the brink and a large sum of millions is urgently needed. René Benko apparently wants to do this on his own in Saudi Arabia.
Frankfurt – Austrian René Benko’s Signa Group is in big trouble. Subsidiaries go bankrupt and construction sites come to a standstill. Investors have therefore turned against the billionaire, who, according to media reports, has actually agreed to withdraw. He is said to have transferred his voting rights to the insolvency administrator Arndt Geiwitz.
Benko is negotiating with a Saudi fund about a financial injection for Signa: The talks have been going on for weeks
But Benko doesn’t seem to be able to keep his hands off it. A report from Business Insider According to him, he is negotiating with the Saudi sovereign wealth fund Public Investment Fund (PIF) about a loan in the hundreds of millions for the real estate division Signa Prime Selection. The financial injection is intended to bridge acute payment difficulties. Former Austrian Chancellor Sebastian Kurz is said to have established contact between the parties.
René Benko is said to be negotiating with the Saudi sovereign wealth fund about a rescue injection for Signa © Marcel Kusch/dpa
The discussions are said to have lasted several weeks. Loud Business Insider Geiwitz is informed about the ongoing discussions with the Saudi sovereign wealth fund. The Swiss Sunday newspaper However, he writes that it was Benko’s solo effort and no one at Signa knew anything about it.
Benko is negotiating with a Saudi fund about a financial injection for Signa: PIF wants to protect its own investment
According to data from Business Insider The Saudi sovereign wealth fund is very interested in a rescue. Because PIF has already invested hundreds of millions of euros in Signa. In the event of bankruptcy, a large part of the money would be lost.
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The PIF, founded in 1971, has assets of around 700 billion euros. The aim is to finance projects of strategic importance for the local economy. The sovereign wealth fund recently made a name for itself with investments in the sports sector. In June 2023, the majority shares in four football clubs in the domestic professional league were taken over. Among other things, superstar Cristiano Ronaldo was signed. His salary is said to be 200 million euros.
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2023-11-05 19:02:36
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