In an effort to strengthen its balance sheet Metcash Limited
(ASX:MTS) will raise $325 million geared towards acquisitions and capital expenditure.
The grocery wholesaler says it will acquire 75.1 per cent of the Automotive Brands Group for $53.8 million and expects to be earnings per share accretive in full year 2013.
Reporting its full year results, Metcash’s net profit fell 63 per cent to $ 90 million due to restructuring costs and asset writedowns .
Metcash’s chief says the company was pleased to announce a full-year result that meets its guidance, despite tough trading conditions.
