The Competition Commission has recommended to the Competition Tribunal that the proposed acquisition of Edgars Consolidated Stores by shelf company New HoldCo should be approved, arguing it would give the ailing retailer a much-needed lifeline and possibly help avoid job losses.
The commission said it found the proposed transaction was unlikely to result in a substantial prevention or lessening of competition in the relevant markets.
Competition Commissioner Tembinkosi Bonakele said the commission believed it would have an “overall positive effect on employment, particularly on the retail industrial sector, because it seeks to preserve job levels within the Edcon Group”.
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