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PnP: Australians were hoodwinked

Melbourne - Pick n Pay Stores [JSE:PIK] is disappointed with the Australian watchdog's opposition to its R1.4bn.sale of its Franklins supermarket chain to Australian wholesaler Metcash.

Pick n Pay chairperson Gareth Ackerman said the firm was surprised at the decision by the Australian Competition and Consumer Commission and could not see how the sale to Metcash would lessen competition.

He said the commission had been misled by "unnamed parties" who said they were very interested in buying the Franklins business.

"Pick n Pay has received no credible offer for the business from any party," Ackerman said, adding the company was considering its next steps.

Metcash also said in a statement it was disappointed by the ACCC's decision and it would closely review the resons for the ruling and consider its options.

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