Primo gets thumbs up for Hans acquisition

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Wholesale food merchant Primo Quality Smallgoods has been given the thumbs up to complete its acquisition of troubled rival Hans Continental.

The deal to buy the assets of Hans - which was placed into administration in November - had been subject to an enquiry by the Australian Competition and Consumer Commission (ACCC).

During the acquisition, both parties could potentially benefit from using one of Ansarada's secure virtual data rooms, which would allow financial and legal executives to swiftly complete due diligence.

Chairman of the regulatory body, Graeme Samuel, said: "Following exhaustive enquiries the ACCC formed the view that an acquisition by Primo of Hans … would be unlikely to result in a substantial lessening of competition."

The ACCC also noted that Hans would have likely ceased trading if it were not for the Primo deal.

In other mergers and acquisitions news, resources giant Rio Tinto has upped its shareholding in the exploration firm Kalahari Minerals to 15.8 per cent.