Foschini swoops on Jet, a unit of troubled Edcon. Has submitted conditional offer to acquire 371 commercially viable JET stores/selected assets for R480 million cash. This also includes transfer of selected key executives and staff of JET to ensure sufficient management capacity.
The Foschini Group is buying 371 commercially viable Jet stores from Edcon after Edcon BRPs accepted TFG conditional offer at a cost of R480m. I'm glad they are taking on employees as well, albeit on a "renegotiated basis".
Today, TFG announced its plans to buy JET for R480m. The deal has been accepted by Edcon's business rescue group but T&C's remain
Honestly some of us don't care who buys Edcon's assets. The end result we want to hear is that there won't be anymore job losses. That's all.
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