JOHANNESBURG – South African supermarket chain Pick ‘n Pay will axe its planned takeover of grocer Fruit & Veg City after a watchdog ruling against the deal, the two companies said yesterday.
The firms said in a statement Fruit & Veg City had decided more delays to the proposed takeover would hurt business, and Pick ‘n Pay had accepted its decision to withdraw from the deal. South Africa’s Competition Commission said last month it had recommended against approving the deal on antitrust grounds.The Competition Tribunal must still give a final ruling but that would take time.Nampa-ReutersSouth Africa’s Competition Commission said last month it had recommended against approving the deal on antitrust grounds.The Competition Tribunal must still give a final ruling but that would take time.Nampa-Reuters
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