NZ Bus Ltd Receives Commerce Commission Clearance

11 April 2002

New Zealand Bus Limited Receives Commerce Commission Clearance

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

The clearance was granted under section 66 of the Commerce Act.

A public version of the Commission’s full decision will be available next week from the Commission’s website, www.comcom.govt.nz.

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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