METCASH says it will wait the required three weeks to see if the Australian Competition and Consumer Commission appeals against the Federal Court's decision to allow Metcash's takeover of the Franklins supermarket chain, but in the meantime has 200 retailers lined up to buy 80 soon-to-be rebranded Franklins stores.

Speaking after Metcash's annual general meeting yesterday, chief executive Andrew Reitzer said he hoped to finalise the $215 million deal with Franklin's owner, Pick n Pay, by September 30.

So far, 95 per cent of the stores' landlords had come on board, Mr Reitzer said.

The stores would be rebranded under the IGA umbrella. He expected buyers would pay slightly more than the $100 million analysts had forecast. The meeting heard Metcash would pick up $500 million in new wholesale business, generating extra EBITDA of $20-$30 million before taking into account the one-off restructuring costs.

Value-driven customers, and deflation (now running at 1 per cent, compared with 1.8 per cent last year), continued to create a difficult trading environment, Mr Reitzer said. The level of discounting was unprecedented.

To read the full story, follow this link: www.smh.com.au/business/metcash-will-wait-on-accc-20110901-1jo5p.html