The third largest grocer in Australia, Foodland Associated, is to appeal to the Privy Council over the acquisition plans of its NZ subsidiary Progressive Enterprises.
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Progressive will appeal against a NZ Court of Appeal decision which last December overturned the clearance granted to Progressive to bid for Hong Kong-based Dairy Farm International’s subsidiary, Woolworths NZ.
The legal wrangling over the decision, which comes down to whether stricter new competition laws should be applied to acquisition or the former looser interpretation, has already cost Perth-based Foodland around A$3m (US$1.54m).
Foodland CEO and MD Trevor Coates revealed in a statement: “Should we be successful, we will approach Dairy Farm to once again establish their interest in disposing of Woolworths NZ”
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