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ACCC agrees to speed up hearing of Franklins sale
Retailer Pick n Pay on Monday, 27 November, said it welcomed the decision by the Australian competition regulator, the Australian Competition and Consumer Commission (ACCC), to agree to an expedited hearing of the proposed sale of Franklins to Metcash.
The ACCC has agreed to lodge its case with the Federal Court by 8 December 2010 and to seek an expedited hearing of the case early next year.
"Pick n Pay welcomes the decision to seek an expedited hearing and is confident in the merits of its legal arguments.
"We believe the court is the best forum for these arguments to be duly considered," it said.
Chairman of Pick n Pay, Gareth Ackerman said the decision by the ACCC gives Pick n Pay certainty that the matter is moving to litigation in the Australian Federal Court and that there will be an expedited timetable.
"We believe the Federal Court is the appropriate forum to hear this matter and we are confident in our arguments," he said.
The ACCC started a review of the proposed sale after Pick n Pay announced on July 1 that it had decided to sell Franklins to Metcash.
However, the retailer's R1.5 billion sale of Franklins was blocked by the ACCC earlier this month, with the commission saying the deal would mean a significant lessening of competition through the removal of Metcash's closest competitor in the New South Wales (NSW) groceries sector.
Source: I-Net Bridge
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