Australian supermarket operators Foodland Associated saw its shares hit a record high today [Tuesday] due to continued rumours that the company could be taken over by one of its major competitors.
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Since Foodland expanded its operations in New Zealand through an acquisition almost two years ago, Australia’s Woolworths has been rumoured to be interested in a takeover of its smaller rival, reported Reuters. Foodland owns 75 Action supermarkets in Australia and 152 Progressive supermarkets in New Zealand.
Woolworths recently reported a 13% rise in first half net profit, and has said it is able to make a large acquisition if the opportunity arose.
Foodland is Australia’s third-largest supermarket company after Woolworths and Coles Myer, but it is the second-largest supermarket firm in New Zealand, with a grocery market share of around 44%.
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