DFS Group Given Clearance To Acquire Nuance

DFS Group Given Clearance To Acquire Nuance

The Commerce Commission has today declined to give clearance for DFS Group Limited (DFS Galleria) to acquire 100 % of the shares in, or assets of, the New Zealand operations of The Nuance Group (Nuance).

Commerce Commission Chair Paula Rebstock said the Commission cannot be satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in the market of on-airport retail supply of duty free goods at Auckland International Airport.

In line with its usual procedure, the Commission will not be making any comment on the decision until the written reasons are available.

Public versions of the written reasons for the decision will be available as soon as practicable on the Commission's website, www.comcom.govt.nz, under Public Registers.

Background
On 21 November 2007 the Commerce Commission received an application from DFS Galleria seeking clearance to acquire 100 % of the shares in, or the assets of, the New Zealand operations of Nuance.

DFS Galleria is a Hong Kong based company that operates on-airport and off-airport duty free stores in Auckland and Christchurch. DFS Galleria is jointly owned by LVMH Mőet Hennessy Louis Vuitton, and its original founder, Mr Robert Miller.

Nuance is jointly owned by GECOS/Gruppo PAM SpA, and Stefanel SpA, and is based in Switzerland. In New Zealand, Nuance operates duty free stores, principally under the Regency brand, at Auckland, Christchurch and Wellington Airports.

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