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Stagecoach applies to acquire Tranz Metro (Wgtn)

Media Release

Issued 29 November 2001/121

Stagecoach applies to acquire Tranz Metro (Wellington)

The Commerce Commission has received an application from New Zealand Bus Limited, commonly known in the Wellington region as Stagecoach, for clearance under the Commerce Act to be a 50% shareholder in a joint venture with Wellington Regional Council to acquire 100% of the assets of Tranz Metro (Wellington).

The joint venture is yet to be established, but it seeks to acquire the assets of Tranz Metro. Those assets are still to be resolved, and will depend on the negotiation between the Crown and Tranz Rail Limited. In essence, it will include the exclusive rights to operate the suburban commuter train network within the greater Wellington region, including the Wairarapa region.

New Zealand Bus is the 100% holding company for Wellington Transport Limited, Cityline (NZ) Limited and Transportation Auckland Corporation Limited, which companies operate the New Zealand bus businesses known as Stagecoach Wellington, Cityline Hutt Valley and Stagecoach Auckland.

New Zealand Bus is, in turn, a wholly owned subsidiary of Stagecoach Group plc in the United Kingdom.

Tranz Metro (Wellington) is 100% owned by Tranz Rail Limited.

In considering the application, the Commission's role is to determine whether the merger has the effect of substantially lessening competition in a market.

ENDS



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