November 11, 2011
Source: www.news.com.au
METCASH says it is in the final process of selling its newly-acquired Franklins stores to IGA retailers.
The grocery wholesaler bought 80 Franklins supermarkets earlier this year in a deal worth $215 million, a process that was delayed by legal action brought by the Australian Competition and Consumer Commission (ACCC).
"The ACCC took this action because it considered that the proposed acquisition was likely to result in a substantial lessening of competition through the removal of Metcash's only real competitor for the wholesale supply of packaged groceries to independent retailers in NSW and the ACT," the ACCC says on its website.
Metcash chief executive Andrew Reitzer on Friday said the company had so far received more than 200 expressions of interest to buy the 80 supermarkets.
To read the full story, follow this link: www.news.com.au/business/metcash-in-final-stages-of-franklins-sales/story-e6frfm1i-1226192588341
