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AVI completes Green Cross deal

27 Jul 2012

Consumer group AVI says all outstanding conditions for the acquisition of Green Cross Manufacturers‚ Green Cross Retail Holdings and Green Cross properties have been fulfilled and the closing date for the transaction is Friday 27 July 2012.

AVI bought footwear manufacturer Green Cross for R382.5 million to bolster its premium branded footwear and apparel portfolio following acquisition of Spitz in 2005.

An additional R35 million will be payable subject to certain profit hurdles being achieved in Green Cross' financial year ending February 2013.

AVI said the deal‚ to be funded from existing cash resources‚ was aligned to its strategy of growing premium brands.

AVI will consolidate Green Cross financial results with effect from 1 July 2012. Further details in this regard will be communicated at the group's year-end results presentation to be held on 10 September.

AVI's share piece was up 34 cents‚ or 0.6% at R57.05 just after 1pm on Friday.

Source: I-Net Bridge

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