|
PIK
PIK
PIK - Pick n Pay Stores Ltd - Media Release - Australian competition regulator
seeks further information on Franklins sale
Pick n Pay Stores Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1968/008034/06)
Share code: PIK
ISIN: ZAE000005443
Media Release 23 September 2010
Australian competition regulator seeks further information on Franklins sale
Pick n Pay Stores Ltd ("Pick n Pay") announced on 1 July 2010 that it had sold
its Australian retail operation, Franklins, to Metcash Trading Limited for A$215
million, subject to informal clearance from the Australian Competition and
Consumer Commission ("ACCC") and other consents.
The ACCC today released a Statement of Issues seeking further information on
certain competition issues which have arisen from its market enquiries to date.
Mr Gareth Ackerman, Chairman of Pick n Pay, said "Given the competitive dynamics
of the Australian grocery sector, we expected the ACCC would scrutinize this
transaction closely."
Pick n Pay has already provided a submission to the ACCC in relation to this
transaction and will now carefully review the Statement of Issues and provide
further information to the ACCC by the 15 October 2010 time frame stipulated by
the ACCC.
The indicative date for the ACCC`s final decision has been deferred until 11
November 2010. Consequently, the date for the satisfaction of all conditions
for the transaction has now been extended to 30 November 2010.
Further announcements will be made as appropriate.
ENDS
For further information, please contact Tamra Veley on +27 83 251 3658 or Dani
Isaacs on +27 83 308 6260
NOTE TO EDITORS
Pick n Pay and Metcash Trading announced on 1 July 2010 a A$215 million deal
to acquire Franklins in Australia. This followed an unsolicited approach by
Metcash to acquire Franklins after a broad strategic review process implemented
by Pick n Pay earlier this year.
At the time, it was stated that the acquisition was subject to informal
clearance from the Australian Competition and Consumer Commission and other
consents.
Sponsor: Investec Bank Limited
Date: 23/09/2010 10:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
