Shareholders in Australia’s Foodland Associated have overwhelmingly approved the demerger of Foodland’s Australian and New Zealand businesses.
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Shareholders also approved the transfer of the businesses to Woolworths and Metcash Trading. The demerger and transfer schemes will therefore now proceed as planned, providing the Federal Court also approves them. A hearing is scheduled for 9 November 2005.
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.
