Australia’s Federal Court has approved the two schemes of arrangement for the demerger of Australian retailer Foodland Associated’s Australian and New Zealand businesses and their transfer to Woolworths and Metcash Trading.
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Foodland shareholders had already overwhelmingly approved the demerger and transfer schemes at shareholder meetings earlier this month.
The demerger and transfer will now proceed as planned, effective 10 November. Foodland shares will cease trading on the Australian Stock Exchange at the close of the trading day on 10 November.
Australian supermarket group Woolworths has agreed to acquire Foodland’s New Zealand business and 22 stores in Australia, while grocery wholesaler Metcash is to acquire the remainder of Foodland following the demerger.
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