SAnews reported earlier this month that the deal was one step closer to being concluded after the
The Tribunal conducted virtual proceedings and heard submissions from the Commission, the merger parties as well as the
According to the Tribunal, the conditions to the merger include
Jet stores should also maintain almost the same ratio of procurement of products from South African manufacturers and suppliers as they did at the end of its preceding financial year. Also, they should endeavour to increase local products and suppliers.
The TFG put an offer to buy Jet from Edcon for a cash purchase consideration of R480 million. TFG announced last month that it had concluded a purchase agreement, reports said.
The cash-strapped
Jet sells clothing, footwear, homeware, cosmetics, cellular and insurance products locally, and has stores in
The merger means that at least 381 Jet stores will be retained and about 4 664 jobs saved.
The Commission, which assesses large mergers before referring them to the Tribunal for a decision, found that the transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets.
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