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Update: PnP sale of Franklins to Metcash

23 Nov 2010

Pick n Pay Stores Limited (Pick n Pay) and Metcash Trading Limited have agreed to extend the cut-off date in their agreement in relation to the sale to Metcash of Franklins to 30 June 2011.

Metcash Trading Limited has notified the Australian Competition and Consumer Commission (ACCC) that, in not fewer than five business days from today, it intends to take further steps to proceed with the proposed transaction.

The ACCC commenced a review of the proposed sale following the announcement on 1 July 2010 by Franklins' parent company, Pick n Pay of South Africa, that it had decided to sell Franklins to Metcash Trading Limited for A$215 million (about R1.5 billion). On 17 November 2010 the ACCC announced that it would oppose the proposed sale.

For further information contact Tamra Veley on +27 (0) 83 251 3658, Florence de Vries on +27 (0) 82 835 5841 or Dani Isaacs on +27 (0) 83 308 6260.