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Clearance Application From Progressive

Issued 24 October 2001

Commission Receives Clearance Application From Progressive

The Commerce Commission has received an application from Progressive Enterprises Limited to acquire all the shares in Woolworths (New Zealand) Limited.

This application will be considered under the amended Commerce Act which prohibits business acquisitions that substantially lessen competition (SLC) in a market.

Progressive operates the Foodtown, Countdown and 3 Guys supermarket chains. It also supplies the independent SuperValue and Fresh Choice banner groups and conducts wholesaling through The Supply Chain and Red Arrow tobacco distributors. It is owned by Foodland Associated Limited, which is listed on the Australian and New Zealand stock exchanges.

Woolworths operates under the Woolworths, Big Fresh and Price Chopper brands. It is owned by Dairy Farm International Holdings Limited, a public company listed on the Hong Kong and London stock exchanges.

A public version of Progressive's application is available on request from the Commerce Commission.

Ends


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