The Competition Tribunal has approved, with conditions, the proposed merger whereby the Foschini Retail Group will acquire Edcon’s Jet Division.
This followed virtual proceedings and submissions from the Competition Commission, the merging parties, and trade union Saccawu.
One of the conditions of the merger is that Foschini will not retrench any Jet employees as a result of the merger for a period of two years from the merger’s implementation date.
Another condition is that the merged entity must ensure that Jet stores maintain at least the same ratio of local procurement as it did at the end of its preceding financial year.
Conditions were also set for the transferring of stores.
The Competition Commission, which assesses large mergers before referring them to the Tribunal for a decision, said it found that the transaction was unlikely to result in a substantial prevention or lessening of competition in any relevant markets.
