Metcash to go ahead with acquisition

Despite the Australian Competition and Consumer Commission (ACCC) decision to oppose against Metcash’s proposal to acquire Franklins last week, Metcash has confirmed it will still be going ahead with the proposed transaction.

The company will be extending the cut-off date for the takeover of Franklins, which will buy it more time, especially with a looming Senate Inquiry into the decision.

Together with Pick n Pay Retailers, Metcash will be extending the cut off date in their agreement for the acquisition of Interfrank Group Holdings to 30 June 2011.

The ACCC has been notified that in less than five business days, it intends to take further steps to proceed with the proposed transaction.