AUSTRALIA: Foodland to make new bid for Woolworths in New Zealand
Australian retailer Foodland Associated upped the stakes in its courtship of Dairy Farm International Holdings' New Zealand grocery business [Woolworths] today [Tuesday] after Britain's Privy Council cleared the way for a bid.
"We're now clear to approach Dairy Farm once again to hopefully enter into negotiations if they are agreeable to selling the business," Foodland managing director Trevor Coates told Reuters.
Foodland shares rose 8% to a record high of A$18.60 (US$10.00) on the successful appeal to the Privy Council, the highest court of appeal under New Zealand law, against a court ruling which had blocked Foodland buying Woolworths last year, reported Reuters.
Competition concerns has prompted concern over the deal, which would see the second largest and third largest companies in the New Zealand market merge to challenge seriously the 55% market share held by market leader Foodstuffs.
Companies: Woolworths Ltd
With 76% of Australia's food retail market, just two companies, Woolworths and Coles, dominate the region. In a two-part review, David Robertson looks at both supermarket chains. The first article wil...
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Australian grocery retailer Woolworths has reported a 14.4% increase in sales from continuing operations for the first quarter....
Australian grocery retailer Woolworths has reported a 12.2% rise in annual sales to A$31.4bn (US$23.7bn), and said full-year results were "very pleasing" overall....
Supermarket chain Woolworths has today (Friday) announced a sharp rise in sales for the year to 26 June, bolstered by strengthening food and liquor sales and acquisitions....
Supermarket chain Woolworths Ltd has refused to comment on reports that it is considering the sale of its A$1bn (US$753m) chain of national distribution centres, according to the Australian Associated...
Retailer Foodland has announced a delay in documents needed to complete the process of its demerger and sale to Woolworths and Metcash....
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