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

 

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Employment:Slow Track For Most Contentious Labour Law

The government will announce a timetable for legislating a range of long-signalled labour law changes but is placing its intention to introduce new Fair Pay Agreement legislation on a slower track to allow consultation with both employers and trade unions. More>>

ALSO:

NZ's Space Programme: Rocket Lab's Successful Launch

Science Media Centre: Rocket Lab successfully launched its Electron rocket and deployed satellites into orbit Sunday afternoon, a milestone for the company and New Zealand's fledgling private space industry. More>>

ALSO:

BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>

ALSO:

StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>

ALSO:

Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>

ALSO: