Australian Federal Court hearing regarding sale of Franklins to Metcash kicks off
Corporate Image - Mar 14th 2011, 00:00
[Cape Town, 14 March 2011] The hearing of the Australian Competition and Consumer Commission's application for an injunction to prevent Metcash acquiring Franklins commenced in the Federal Court of Australia in Sydney on Monday 14 March.
The hearing is scheduled to last until 30 March but may finish earlier. The ACCC will assert that the acquisition of Franklins by Metcash will substantially lessen competition in a market in New South Wales and the Australian Capital Territory for the wholesale supply of groceries to independent retailers.
Pick n Pay believes the ACCC’s assessment is flawed. Metcash and Pick n Pay consider that, among other things, the ACCC fails to take into account the impact of Woolworths and Coles on competition at all levels of the grocery supply chain.
Pick n Pay Chairman, Mr Gareth Ackerman, commented: “We disagree with the ACCC’s assertions and are confident in the merits of our legal arguments. We remain confident our arguments will ultimately prevail.”
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