PIK - Pick n Pay Stores Limited - Pick N Pay Responds to decision by Australian
PIK
PIK
PIK - Pick n Pay Stores Limited - Pick N Pay Responds to decision by Australian
competition and consumer commission
Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
Share Code: PIK ISIN code: ZAE000005443
PICK N PAY RESPONDS TO DECISION BY AUSTRALIAN COMPETITION AND CONSUMER
COMMISSION
Pick n Pay today responded to the decision by the Australian Competition and
Consumer Commission ("ACCC") that it will oppose the proposed sale of Franklins
to Metcash Trading Limited.
The ACCC commenced a review of the proposed sale following the announcement on 1
July 2010 by Pick n Pay Stores Limited ("Pick n Pay") of South Africa that it
had decided to sell Franklins to Metcash Trading Limited for $215M.
Commenting, the Chairman of Pick n Pay, Mr Gareth Ackerman, said: "We are
surprised and disappointed by the ACCC`s decision and fail to see how it could
view the proposed sale to Metcash Trading as lessening competition. On the
contrary we believe the sale is in the best interests of Australian consumers.
"We are also very surprised by the ACCC placing any weight in its decision on
unnamed parties, who have apparently expressed strong interest to the ACCC in
acquiring the Franklins business. Pick n Pay has received no credible offer for
the business from any party.
"We will be digesting the implications of the ACCC`s decision and considering
our next steps," he said.
For more information please contact Tamra Veley on +27 83 251 3658
By order of the board
Cape Town
17 November 2010
Sponsor:
Investec Bank Limited
Date: 17/11/2010 10:57:00 Produced by the JSE SENS Department.
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