The A$54 million (US$28m) dispute between Australian retailer Coles Myer and its takeover target retailer Australian Liquor Group is headed for the courts.

Following an interim ruling by the Corporations and Securities Panel, seeking further evidence, Coles Myer said its Liquorland subsidiary had issued proceedings in the state Victorian Supreme Court.

Coles Myers believes ALG could book a 2000-01 loss as high as A$6m instead of an expected profit.

Wines & Spirits in Australia