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In a slow day for business news, Woolworths announced all conditions for its Absolute Pets acquisition have been met, while Transaction Capital has the go-ahead for the unbundling of WeBuyCars. In international news, Tesla's first-quarter sales have suffered a sharp downturn.
Retailer Woolworths announced that all conditions had been met for its acquisition of about 94% of Absolute Pets. SA's biggest pet store chain runs 157 pet product stores across SA and offers a range of services such as spas, online retailing and clinic services. In March, the Competition Commission recommended Woolworths be given the green light to acquire Absolute Pets but included conditions expanding its store base and hiring more staff, with the acquisition now with effect from 1 April. The group's shares were unchanged on Wednesday.
Transaction Capital announced that all conditions have been met for the unbundling of WeBuyCars on 11 April. Transaction Capital first revealed plans for the WeBuyCars listing in early December, before then formally announcing its plans to do so in January, part of a series of efforts to battle a hefty debt load. Shareholders approved the move in March and the group had said a capital raise implied a total market value of R7.82 billion for the company. Its shares rose more than 5% and while they have risen more than a fifth so far in 2024, they are still down more than a quarter on a one-year basis.
