Australia's Amalgamated Holdings (AHL) is planning a complete takeover of Germany's largest exhibitor Kieft & Kieft.
According to press reports AHL, whose subsidiary Greater Union has had a 50% stake in Kieft & Kieft since 1998, has issued a letter of intent indicating that it is interested in acquiring the remaining 50% from brother and sister Heiner and Marlis Kieft.
As part of the proposed takeover AHL would settle debts of Euros 7.65m and would have the Kiefts remain in their management position for at least the next three years.
In German press reports Kieft & Kieft general manager Oliver Fock pointed out that AHL's plans did not necessarily extend to a complete takeover of Neue Filmpalast, the rescue company launched by the Kiefts earlier this year to operate 32 cinema sites of the insolvent Ufa chain.
Taken together, Kieft & Kieft's Cinestar chain and Neue Filmpalast have 94 cinemas with 611 screens and 3,700 employees, including 700 in full-time contracts.