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Foodstuffs To Appeal High Court Decision

Foodstuffs (Auckland) Limited confirmed today that it would appeal against the High Court decision to turn down its application to have the

Commerce Commission apply the new commerce law to any Progressive bid for Woolworths.

Foodstuffs (Auckland) managing director-designate Tony Carter said the company would be seeking an urgent hearing by the Appeal Court.

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

Contacts: Tony Carter (Managing Director Designate) or Hugh Perrett (Managing Director), Foodstuffs (Auckland) Ltd, (09) 629 1600

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