Australian grocery wholesaler Metcash Trading has said its shareholders have approved a plan to purchase compatriot supermarket firm Foodland Associated.
Go deeper with GlobalData
Metcash has proposed a plan to acquire Foodland’s Australian operations for A$846m (US$642.0m) and spin off Foodland’s New Zealand business into a separate unit. Now shareholder approval has been obtained, Metcash is likely to release a bidder’s statement within days, reported Dow Jones.
Foodland has sales of around $6bn and operates supermarket chains in Australia and New Zealand.
