Celebrating 25 Years of Scoop
Special: Up To 25% Off Scoop Pro Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Clearance Will Put Heat On Supermarket Competition

Clearance Will Put Heat On Supermarket Competition

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

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.