Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Foodstuffs Disappointed With Outcome Of High Court

Foodstuffs Disappointed With Outcome Of High Court Action

Foodstuffs (Auckland) Ltd says it is “naturally disappointed” that the High Court has ruled against its application to have the Commerce Commission apply the new commerce law to any Progressive bid for Woolworths.

“While the matter has now been dealt with by the High Court we are considering whether to appeal the decision,” said Foodstuffs (Auckland) managing director-designate Tony Carter today. “Any decision on whether

to appeal the judgement will be made promptly after receiving appropriate legal advice.”

Progressive Enterprises Ltd notified the Commerce Commission that it was

targeting Woolworths NZ for acquisition, just one day before a change in

the Commerce Act brought in tougher competition laws.

Under the old provisions of the Act, the competition test in a takeover situation was one of market dominance. The test under the new legislation is that of substantially lessening competition in a market.

The Foodstuffs organisation consists of three autonomous, independently-owned co-operatives – Foodstuffs (Auckland) Ltd, Foodstuffs (Wellington Co-op Society Ltd and Foodstuffs (South island) Ltd – each with its own totally separate shareholders and board of directors. The Foodstuffs Pak ‘N Save, New World, Write Price and Four Square stores are individually owner-operated.

Progressive Enterprises, owned by Perth-based Foodland Associated Ltd, operates the Foodtown, Countdown and 3 Guys supermarket chains. Woolworths’ supermarkets in New Zealand trade under the Woolworths, Big Fresh and Price Chopper brands. Woolworths is owned by Hong Kong-based Dairy Farm International Holdings Ltd.

Ends


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news