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ARTICLE · 18 FEBRUARY 2013

Absa And Edcon's Private Label Store Card Portfolio

Webber Wentzel
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The Competition Tribunal has recently given reasons for its conditional approval of the acquisition of the title and interest to the accounts and receivables relating to the South African private label store card portfolio of Edcon.

South AfricaAntitrust/Competition Law
Webber Wentzel'S Competition Practice Group
Webber Wentzel'S Competition Practice Group

Tribunal conditionally approves merger between Absa Bank and Edcon's Private Label Store Card Portfolio

On 23 January 2013 the Competition Tribunal gave reasons for its conditional approval of the acquisition of the title and interest to the accounts and receivables relating to the South African private label store card portfolio of Edcon (the Portfolio).

The Portfolio is a wholly owned subsidiary of Edgars Consolidated Stores and forms part of Edcon's Credit and Financial Services Division. Edcon offers qualifying customers private label store cards through which they can purchase various products on credit from any of its stores.

The transaction will complement Absa's interests in similar unsecured credit products. Absa holds a 50 % share in Woolworths Financial Services (WFS), a joint venture with Woolworths.

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