PIK
PIK
PIK - Pick n Pay Stores Ltd - Sale of Franklins
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 today welcomed the decision by Metcash Trading Limited
(Metcash) yesterday to notify the Australian Competition and Consumer
Commission (ACCC) that following five clear business days it will
consider itself free to agree with Pick n Pay to waive the condition
requiring ACCC approval and to complete the acquisition of Franklins.
The Chairman of Pick n Pay, Gareth Ackerman, said: "We welcome this
development and confirm our view that the sale of Franklins to Metcash
will deliver the best outcome for Pick n Pay and its shareholders and
Franklins employees. "In our dealings on this matter, we will make sure
that we act in strict compliance with the law.
"Further, we have consistently argued that the sale of Franklins to
Metcash would enhance competition within the Australian market. The
recent judgment in the Federal Court comprehensively rejected each of
the ACCC`s arguments and reinforced our views," he said.
"We remain very concerned about the impact this delay is having on the
Franklins business and particularly our employees".
12 September 2011
Sponsor:Investec Bank Limited
For more information please contact:
Tamra Veley
+2783 251 3658
Date: 12/09/2011 16:16:50 Produced by the JSE SENS Department.
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