Spar: Talks to buy Irish retailer ADM Londis

Spar Group’s subsidiary BWG Group has entered into talks to buy Irish retailer ADM Londis for e23 million (R304.5m). The news caused Spar’s shares to climb as much as 1.6 percent on Friday to touch a record high of R176.92 before closing 0.9 percent higher at R175.65. Londis operates in the convenience, forecourt and supermarket sector, and has been in the business for more than 60 years. It runs 200 stores located throughout Ireland. In August last year, Spar acquired a controlling interest in the BWG Group. In terms of the agreement Spar subscribed for 80 percent of the issued share capital of TILJV Limited, the holding company of the BWG Group, for R800 million. BWG Group services more than 1 100 stores. It also owns the Spar brand in Ireland. – Nompumelelo Magwaza