Ann: Q&A on the merger of QBL MCL and Medcan, page-294

Red Tractor is the brand of product appearing in Coles. They are neither competition or subsidiary but a customer. They, I am assuming, purchase their supply from Waltanna with whom they had a prior relationship since Waltanna also supply Red Tractor with Flax amongst possibly other product .. Waltanna are 50/50 joint venture with HHC to form the subsidiary of MCL which is HHG(55% owned by MCL).. MCL in turn is currently a sub of QBL(55% ownership of MCL) which QBL is proposing to change to 100% according to this latest ANN's terms.
So even with the buyout of 45% of MCL QBL will still only get 55% of 50% of any profit.