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Pick n Pay extends Franklins deadline

Johannesburg - Retailer Pick n Pay Stores [JSE:PIK] and Australia's Metcash Trading said on Friday that they had agreed to extend the cut-off date for Metcash's acquisition of the Interfrank Group Holdings (Franklins) from June 30 to July 31.

The one-month extension had been agreed to as they are are still awaiting judgment in their federal court action in Australia with the Australian Competition and Consumer Commission.

The commission blocked Pick n Pay's R1.4bn sale of Franklins to Metcash last year, saying that the deal could mean a significant lessening of competition through the removal of Metcash's closest competitor in the New South Wales groceries sector.

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