Pick n Pay welcomes court ruling on Franklins
South African supermarket group Pick n Pay on Thursday, 25 August 2011, welcomed the decision by the Federal Court of Australia to dismiss an application by the Australian competition regulator, the Australian Competition and Consumer Commission (ACCC), seeking to prevent Metcash from acquiring Franklins from Pick n Pay.
The hearing of the application followed commencement of proceedings by the ACCC in November 2010 opposing the transaction.
The commission blocked Pick n Pay's R1.4 billion sale of Franklins to Metcash last year, saying that the deal could mean a significant lessening of competition through the removal of Metcash's closest competitor in the New South Wales groceries sector.