JOHANNESBURG - South African retail giant Mr Price is sticking to its guns in a highly controversial acquisition.
Major shareholders are worried about the near 10-billion-rand European purchase.
The group is pushing ahead with plans to purchase German-based discount retailer NKD Group.
It operates in over 2,000 stores across Central and Eastern Europe.
The acquisition will mark Mr Price’s first major expansion into the European market.
But critics say the deal risks shareholder value and questions remain over its strategic fit.
The concerns saw Mr Price’s share price tumble following the announcement.
Despite the push back, the retailer says the acquisition continues to progress through regulatory reviews.
It will host an investor presentation later this year to outline future prospects.