Australia's Takeovers Panel hopes to reach a settlement by Thursday over the application by the Liquorland retail group to freeze it's A$54.2 million (US$27.4 million) takeover of the Australian Liquor Group.

Liquorland, a subsidiary of the retail giant Coles-Myer is due to make its first payment to accepting ALG shareholders at that time.

Last week it applied for a declaration of unacceptable circumstances after reporting ALG was likely to make a loss in the year to June 30. The Corporation and Securities Panel met over the weekend to consider the application and asked for submissions from both parties to resolve the issue.