Foodstuffs’ Tactics Predictable

Monday, 2 July 2001, 5:18 pm
Press Release: Progressive

July 2, 2001

The Foodstuffs (Auckland) Limited decision to appeal last week’s High Court judgement that the Commerce Commission should apply the dominance test to Progressive’s application to acquire Woolworths New Zealand is “totally predictable” managing director of Progressive, Ted Van Arkel, said today.

Progressive Enterprises is owned by Perth-based Foodland Associated Limited and is seeking Commerce Commission approval to acquire Woolworths New Zealand.

“While this is a matter for the Courts to decide, it is totally predictable that Foodstuffs is continuing to obstruct our commercial interests,” he said. “They are running a litigation strategy in their attempt to block this acquisition because they know it will bring real competition into the New Zealand market.”

“Obviously they are concerned that a successful acquisition of Woolworths New Zealand by Progressive will bring increased competitive pressure to food retailing in New Zealand,” he said. “That competition will mean a reduction in prices for the New Zealand consumer.”

Foodstuffs has over 55 percent of total supermarket sales, Progressive 21 percent and Woolworths New Zealand 18 percent.

ENDS

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