Australia’s competition regulator has reportedly abandoned one of the two potential buyers of grocery chain Franklins it nominated in its court bid to block Metcash from buying the retailer.
According to The Sydney Morning Herald yesterday (7 April), The Australian Competition and Consumer Commission no longer puts forward Spar International’s Australian business as a competitive alternative owner of Franklins.
Go deeper with GlobalData
The ACCC told the court that it had abandoned its submissions that Spar was one of two potential purchasers that could bid for Franklins if the retailer’s sale to Metcash was blocked.
The moves are part of the ACCC’s attempts to prevent Metcash’s A$215m (US$226.6m) takeover of Franklins from South African operator Pick n Pay, after deciding that it would result in a “substantial lessening of competition” in New South Wales.
The ACCC said the other potential purchaser, the KKK consortium, remained a possibility. It is associated with a number of independent retailers and made a non-binding indicative offer for Franklins of $110m last year.
See Also:
Metcash is set to present its closing statement on 20 April.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
