Different financial service packages

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Is this an acquisition or a strategic alliance as referenced in the Woolworths case study?

In addition, Woolworths also offered a range of financial services including a store card, a Visa card, a Woolworths ''cash'' card, and revolving and fixed term loans[23]. In October 2008, Woolworths (2008a) concluded a deal with the biggest retail bank in South Africa, ABSA, in terms of which ABSA acquired a 50 percent plus one share of the issued ordinary share capital of Woolworths Financial Services. In terms of the deal, ABSA relieved Woolworths of the pressure of bad debt by taking over that side of the business, and Woolworths (2008b) allowed ABSA to market different financial service packages under the Woolworths brand.

Reference no: EM133212388

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