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Edcon buys CNA Group for R141m
Fashion retail giant, Edcon has bought news agent and stationery chain CNA Group for R141 million.
Wednesday night's deal is the culmination of a long battle to save the group after it was put into liquidation by its creditors two months ago. These creditors have agreed unanimously on the liquidators' choice of Edcon as the successful bidder.
Graham Evans, Edcon's business CE, does not expect Edcon's earnings in the first year to be affected. He says that a large part of the CNA stores are profitable, and that they have that part. About 87 stores were excluded from the deal on which the liquidators would take a decision. The decision on those stores will be made in conjunction with Edcon.
The other contender on the final short list, This Day, a group of Nigerian investors, has however expressed "grave reservations" over the bidding process. "We are not satisfied with the way it has proceeded, and are currently taking legal advice," said This Day spokesman John Matisonn.
Source: Business Day
