South African fashion retailer Truworths International said on Monday it was in talks with closely held British shoe chain Office, sending its shares rising.
Though the South African retailer has clothing stores in Ghana, Nigeria and Botswana, it makes the bulk of its profits and sales in its home market where consumers are facing rapidly increasing energy costs and rising interest rates.
Office, a footwear retailer with 150 stores, could be Truworths' first foray into Europe.
Rival The Foschini Group last year bought Britain's Phase Eight, giving it access to European markets.
"No binding offer has been made, neither has any transaction been concluded with Office or its shareholders," Truworths said.
Shares in Truworths rallied more than 4 percent on the announcement, but paired gains to 1.74 percent at 152.61 rand by 0920 GMT.
Truworths in talks with British footwear retailer
South African fashion retailer Truworths International said on Monday it was in talks with closely held British shoe chain Office, sending its shares rising.
Though the South African retailer has clothing stores in Ghana, Nigeria and Botswana, it makes the bulk of its profits and sales in its home market where consumers are facing rapidly increasing energy costs and rising interest rates.
Office, a footwear retailer with 150 stores, could be Truworths' first foray into Europe.
Rival The Foschini Group last year bought Britain's Phase Eight, giving it access to European markets.
"No binding offer has been made, neither has any transaction been concluded with Office or its shareholders," Truworths said.
Shares in Truworths rallied more than 4 percent on the announcement, but paired gains to 1.74 percent at 152.61 rand by 0920 GMT.
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