Clearance Will Put Heat On Supermarket Competition

Friday, 13 July 2001, 6:32 pm
Press Release: Progressive

Today’s Commerce Commission clearance for Progressive Enterprises to acquire Woolworths New Zealand Ltd will bring increased competition on prices for New Zealand supermarket shoppers according to Progressive’s Managing Director, Ted van Arkel.

The proposed acquisition would mean a combined market share of 45 percent for Progressive/Woolworths pitted against Foodstuffs’ 55 percent.

“If we succeed with the acquisition we will be able to compete with Foodstuffs on a much stronger footing,” he said. “It is the consumer who will ultimately benefit as we will be able to increase our buying power and operating efficiencies which will be able to be passed onto our customers.”

Mr van Arkel said the company would continue discussions with JP Morgan, the advisors to Dairy Farm International Holdings Limited, the owners of Woolworths New Zealand Ltd.

ENDS

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