Jardines sells Australian supermarket chain

JPMorgan is close to completing one of the year''s more challenging M&A transactions.

Steven Irvine

June 18, 2001

When JPMorgan took on the role of adviser to Jardine Matheson subsidiary Dairy Farm, in its bid to sell off its ailing Australian supermarket chain Franklins, many could have been forgiven for thinking this was the M&A equivalent of a poison chalice.

Buyers looked thin on the ground, especially since the Australian Competition and Consumer Commission (ACCC) had made it clear that the chain’s 255-store network could not be sold en masse to either of the major chains, Coles and Woolworths.

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