Australian supermarket operators Foodland Associated saw its shares hit a record high today [Tuesday] due to continued rumours that the company could be taken over by one of its major competitors.

Since Foodland expanded its operations in New Zealand through an acquisition almost two years ago, Australia’s Woolworths has been rumoured to be interested in a takeover of its smaller rival, reported Reuters. Foodland owns 75 Action supermarkets in Australia and 152 Progressive supermarkets in New Zealand.

Woolworths recently reported a 13% rise in first half net profit, and has said it is able to make a large acquisition if the opportunity arose.

Foodland is Australia’s third-largest supermarket company after Woolworths and Coles Myer, but it is the second-largest supermarket firm in New Zealand, with a grocery market share of around 44%.

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.