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Commission Releases Decision On NZ Bus Limited

Issued 29 April 2002

Commerce Commission Releases Decision On NZ Bus Limited

The Commerce Commission today released its full decision on NZ Bus Limited’s clearance application.

NZ Bus Limited, commonly known in the Wellington region as Stagecoach, received Commerce Commission clearance recently to be a 50% shareholder in a joint venture with Wellington Regional Council to acquire 100% of the assets of Tranz Metro (Wellington).

The full decision is available on Commission’s website, www.comcom.govt.nz/adjudication.

Background
The Commission declined an original application from New Zealand Bus Limited in December 2001. Following a High Court hearing in February 2002, the Commission reconsidered the application.

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 a wholly owned subsidiary of Stagecoach Group plc in the United Kingdom.

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

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