Foodland to present plans to demerge

Foodland would present its plan to demerge Australian and New Zealand operations to shareholders by August, Foodland's chairman, Len Bleasel, said.

Foodland owns Progressive Enterprises in New Zealand, which in turn owns Countdown, Foodtown and Woolworths. An existing offer by Metcash is scheduled to close on April 22. Bleasel reiterated that the Foodland board recommended that shareholders reject the offer.