Pick n Pay, Metcash extend cut-off for agreement

Pick n Pay Retailers and Metcash Trading (Australia) have agreed to extend the cut off date in their agreement in relation to the acquisition of the issued shares in Interfrank Group Holdings Pty Ltd from 31 July 2011 to 30 September 2011.

"The two month extension has been agreed in light of the fact that the parties are still awaiting judgment in their Federal Court action in Australia with the ACCC (Australian Competition and Consumer Commission)," Pick n Pay said on Friday, 29 July.

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.


 
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