Fin24

PnP gets extension on Franklin's deal

2011-07-29 10:09

Sydney - Australian wholesale firm Metcash has extended a deadline to conclude a deal with Pick n Pay Stores [JSE:PIK] to buy its Franklins stores to allow a court to review the competition regulator's initial rejection of the deal.

The parties exteded the deadline to September 30 from July 31.

"The two month extension has been agreed in light of the fact that the parties are still awaiting judgment in their Federal Court action with the (competition regulator) ACCC," Metcash said in a statement on Friday.