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South Africa's Truworths to buy majority stake in Office Retail Group

Reuters - UK Focus

JOHANNESBURG, Nov 30 (Reuters) - South African fashion retailer Truworths International said on Monday it has entered into an agreement to buy an 88.9 percent stake in Britain's Office Retail Group for 5.5 billion rand ($382 million).

The British retailer's management will retain an 11.1 percent stake in Office. Truworths has the option to buy that stake within 3 to 5 years, it said in a statement.

Office, a footwear retailer with 150 stores, would be Truworths' first foray into Europe.

Shares (Berlin: DI6.BE - news) in Truworths traded down 0.8 percent at 95.25 rand by 0740 GMT, while the Johannesburg Securities Exchange's All Share index was flat.

($1 = 14.4093 rand) (Reporting by TJ Strydom; Editing by James Macharia)