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GE Finance cleared to acquire Pacific Retail

18 January 2006/090

GE Finance cleared to acquire Pacific Retail Finance Group

The Commerce Commission has cleared GE Finance and Insurance Limited to acquire the business and assets of the Pacific Retail Finance Group, namely: Pacific Retail Services Limited, Pacific Retail Finance Limited, Montreal Financial Services Limited and a 100% shareholding in Simply Insurance New Zealand Limited.

Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition.

GE Finance and Insurance Limited is part of the US conglomerate, General Electric Co. General Electric is principally listed on the New York Stock Exchange. In New Zealand GE Finance's products include revolving credit, personal loans, mortgages, automotive loans, and insurance.

Pacific Retail Finance Group is a collection of subsidiaries of Pacific Retail Group Limited. The Pacific Retail Group is a New Zealand Stock Exchange-listed investment company focused on the consumer sector. The Finance Group provides financial products including hire purchase finance to consumers via retailers, personal loans and consumer credit insurance, and retail debenture investments.

A public version of the written decision will shortly be available on the Commission's website, www.comcom.govt.nz under Public Registers.

ENDS

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