Merger clearance decisions
Metcash Trading Limited - proposed acquisition of Interfrank Group Holdings Pty Ltd (Franklins)
Opposed | Injunction sought (refused by Federal Court)
Summary (from register)
'On 29 July the ACCC commenced a review of Metcash Trading Limited's proposed acquisition of the Franklins supermarket business. Metcash is Australia's largest wholesaling and distribution company servicing independent grocery retailers throughout Australia, including those under the IGA and Supa IGA banners. Franklins operates 80 corporate owned and 8 franchised Franklins supermarkets in NSW, and is currently owned by Pick n Pay Retailers (Pty) Ltd, South Africa's largest retailer.'
July 2010 - Metcash applied to the ACCC for informal clearance to acquire share in Franklins (commenced 29 July)
22 September 2010 - ACCC issued Statement of Issues
17 November 2010 - ACCC announced it would oppose the proposed acquisition
23 November 2010 - Metcash announced it would proceed with the acquisition, despite the ACCC's opposition
27 November 2010 - Metcash agrees not to proceed with proposed takeover of Franklins until the matter is resolved in Court.
9 December 2010 - The ACCC initiated proceedings against Metcash, seeking an injunction from the Federal Court against the proposed Franklins acquisition
2 March 2011 - the Senate Economics Reference Committee released its final report on the proposed acquisition of the Franklins supermarket business, by Metcash, essentially concluding that the matter should be considered by the Court and not the Senate!
15 March 2011 - Trial begins before Justice Arthur Emmett
25 August 2011 - Decision handed down
9 September 2011 - ACCC announces it will appeal the decision
13 September 2011 - ACCC applied to the Federal Court for an interim injunction restraining the proposed acquisition by Metcash of the Franklins supermarket business
20 September 2011 - application for interim injunction denied by Justice Peter Jacobson
30 September 2011 - Metcash concludes takeover of Franklins
24-26 October 2011 - Metcash appeal heard by full Federal Court (Justices Finn, Buchanan and Yates), NSW Registry
30 November 2011 - Full Federal Court Rejects the ACCC's appeal.
5 December 2011 - ACCC announced it would not seek leave to appeal to the High Court.