Company News Summary
Metcash Announces Mitre 10 Acquisition, Provides Trading Update
Original announcement: Metcash announces Mitre 10 acquisition and trading update
Metcash announced that it intends to exercise its right to acquire 100% ownership of the Mitre 10 Group. The acquisition is subject to the Mitre 10 Group's audited accounts for the year ending 30 June 2012 being in accordance with the company's expectations and there being no material adverse changes to the market or operations prior to the accounts being finalised. Further details of the acquisition will be included in the company's results announcement on 28 June 2012. The company also reported that trading conditions continue to be challenging with shifts in consumer patterns and deflation persisting. The company will remain focused on securing the savings identified from the strategic review and expects underlying earnings per share growth for the year to 30 April 2013 to be broadly in line with FY2012.
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