PWK/PIK - Pick n Pay - Pick n Pay Regrets ACCC Appeal
PWK PIK
PWK PIK
PWK/PIK - Pick n Pay - Pick n Pay Regrets ACCC Appeal
Pick n Pay Holdings Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1981/009610/06)
Share code: PWK
ISIN: ZAE000005724
Pick n Pay Stores Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1968/008034/06)
Share code: PIK
ISIN: ZAE000005443
PICK N PAY REGRETS ACCC APPEAL
Pick n Pay today responded to the decision by the ACCC to appeal against the
Federal Court`s judgment dismissing the ACCC`s application to prevent Metcash
from acquiring the Franklins supermarket business.
The Chairman of Pick n Pay, Gareth Ackerman, said: "We are deeply disappointed
by the ACCC`s decision to appeal the Federal Court`s judgment given the Federal
Court comprehensively dismissed each of the arguments presented by the ACCC in
its case."
"In fact, the Federal Court found the sale would strengthen the capacity of
independent retailers operating under the IGA banner to compete more vigorously
with the major supermarket chains."
"It will take us time to fully review this decision and evaluate our options,
however the tender process for stores conducted late last year demonstrated the
individual stores continue to have strategic value. We have of course
considered the possibility that an appeal may come and have been planning for
this eventuality."
"A protracted appeal process is likely to have a strongly negative impact on
Franklins` already weakened financial position which has deteriorated after
ruthless targeting by the major supermarket chains and the weak consumer
environment generally," he said.
9 September 2011
Sponsor:
Investec Bank Limited
Date: 09/09/2011 09:23:01 Produced by the JSE SENS Department.
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