The European Union has set the divestiture of Stiefelkönig as a condition for taking no action on €550 million worth of state subsidies received by its parent company, the Austrian Bawag bank. Bawag put up the Austrian shoe retail group up for sale two years ago, but failed to find a buyer at a suitable price. Byron Haynes, president of Bawag, has reportedly indicated that no precise deadline has been set by European authorities for the requested change of ownership.