Australian Competition and Consumer Commission (ACCC)’s chairman Rod Sims has announced that the ACCC will not appeal the Full Federal Court’s decision to allow Metcash’s acquisition of the Franklins supermarket business. In a media statement released today, Mr Sims said that the ACCC took action to block the proposed acquisition by Metcash of the Franklins supermarket business because it considered that such an acquisition was likely to result in a substantial lessening of competition in the... ...Read more »

Australian national grocery wholesaler, Metcash, has reported a 14.3 per cent decline in profit to A$94.4 million for the six months to 31 October 2011. Metcash’s executive Andrew Reitzer said that challenging operating conditions have persisted due to reduced consumer confidence, highly value-conscious consumer, and continuing deflation. The profit decline takes into account “significant items and discontinued operations” associated with the company’s Franklins acquisition. Excluding these... ...Read more »

The Full Federal Court has upheld a primary Federal Court judgment which allows Metcash to acquire shares in the Franklins chain of supermarkets, from Pick n Pay Retailers. The Australian Competition and Consumer Commission (ACCC) had appealed the earlier Federal Court judgment of Justice Emmett, refusing the ACCC’s application to stop Metcash from acquiring the Franklins supermarket chain. The Full Court has ordered that the ACCC pay Metcash’s legal costs. Once it has acquired the 80 Franklins... ...Read more »

Wholesale giant Metcash today announced it is in the final stages of selling its newly acquired Franklins supermarket chain to Australian IGA Supermarkets. Metcash Chief Executive Officer Mr Andrew Reitzer said the company had so far received over 200 expressions of interest to buy the supermarket chain and was looking forward to transitioning Franklins into the “right hands”. Mr Reitzer said discussions with potential buyers of the Franklins supermarkets would begin on 21 November. The process... ...Read more »

Wholesale giant Metcash is free to complete its acquisition of Australian supermarket chain Franklins after the Federal Court refused an application by the Australian Competition and Consumer Commission’s (ACCC) for an injunction to prevent the acquisition taking place. The Federal Court also granted an expedited timetable for the appeal hearing with a three day hearing scheduled for 24 October 2011. As a result, Franklins parent company Pick n Pay can now agree with Metcash to waive the condition... ...Read more »

The Australian Competition and Consumer Commission (ACCC) has applied to the Federal Court for an interim injunction restraining Metcash’s proposed acquisition of the Franklins supermarket chain. The ACCC was given notice on Sunday 11 September by Metcash that after the expiry of five business days Metcash considers itself free to agree with Pick n Pay to waive the condition requiring ACCC approval for its proposed acquisition of the Franklins supermarket business. In a statement, the ACCC said... ...Read more »

Australian grocery and hardware wholesaler Metcash has notified the Australian Competition and Consumer Commission (ACCC) that, from Friday 15 September, it will no longer require the ACCC’s approval to acquire the Franklins supermarket chain. Metcash has signalled that, after this Friday, it intends to complete the agreement with Pick n Pay, which owns the Franklins chain, by waiving a condition requiring the ACCC’s approval and to settle the acquisition of the Franklins supermarket chain. Metcash’s... ...Read more »

The Australian Competition and Consumer Commission (ACCC) today announced it is appealing against the Federal Court’s judgment dismissing the ACCC’s application to prevent grocery and hardware wholesaler Metcash from acquiring the Franklins supermarket business. ACCC Chairman Rod Sims said today, “We are appealing this case for two reasons. First, because of the adverse effect of the proposed acquisition on independent supermarket retailers, consumers and competition in the New South Wales... ...Read more »

The Federal Court of Australia today dismissed an application by the Australian Competition and Consumer Commission (ACCC) which sought to prevent Australian wholesale distribution and marketing company Metcash from acquiring the Franklins chain of supermarkets from its South African owners, Pick ‘n Pay Retailers. Metcash is now free to acquire Franklins for A$215 million. Franklins comprises 80 corporate stores plus 10 franchised stores, all located in New South Wales. The hearing of the application... ...Read more »

Grocery distributor Metcash reported an increase in net income for 2010, which it attributed to the “steady performance” and “resilience” of its independent retail customers. The group said yesterday that net income rose 6.1% in the year ended 30 April to reach $241 million Revenue was up 7.4% to reach $12.5 billion, while wholesale revenue rose 7.4% to $12.36 billion. “We are pleased to once again announce another creditable result, particularly given the challenging... ...Read more »