Grocery and liquor wholesaler Metcash Ltd (ASX:MTS) says it welcomes legal action by the Australian competition watchdog as it aims to prevent the company taking over its rival, Franklins.
The Australian Competition and Consumer Commission (ACCC) is seeking a Federal Court injunction to prevent Metcash from its planned $215 million acquisition of supermarket chain Franklins.
Metcash CEO Andrew Reitzer says the company is delighted to have the opportunity for the Federal Court to determine whether or not Metcash can proceed with the transaction.
For the year ended 30 April 2010, Metcash reported a net profit of $230.3 million.
MTS Price at posting:
$4.31 Sentiment: None Disclosure: Held
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