Coles tug-of-war benefits Metcash

Metcash chief executive Andrew Reitzer announced at Metcash's annual general meeting in Sydney, that Metcash and the nation's largest grocer, Woolworth's Ltd, were gaining while rival Coles continued its ownership struggles.

Metcash, whose other brands include Campbell's Cash & Carry and Australian Liquor Marketers Pty Ltd, reported a lift in revenue for the year ending April 30, 2007, by 18% to A$9.7 billion (€6 billion).

Reitzer said he was not willing to speculate on who the new owner of Coles would be, but did say that it would be "an extremely difficult job" and that manufacturers would likely give a leg up to whichever firm takes over the reins at Coles. Reitzer also made it clear he was not in talks, nor was Metcash part of any consortium, regarding the sale of Coles.

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