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

 

ComCom files injunction on Platinum Equity buying OfficeMax

Commerce Commission files injunction to stop Platinum Equity buying OfficeMax

By Jonathan Underhill

Nov. 2 (BusinessDesk) - The Commerce Commission has sought a High Court injunction to prevent US private equity firm Platinum Equity from acquiring OfficeMax Holdings.

The transaction is part of a larger deal announced by Platinum Equity in April to acquire the OfficeMax business in Australia and New Zealand from Nasdaq-listed Office Depot, subject to regulatory approvals. At the time it said the deal was expected to close in several months.

In a statement today, the commission said the acquisition "would be likely to have the effect of substantially lessening competition in the supply of stationery to large corporate and government customers." It wants to consolidate the proceedings with those initiated by Complete Office Supplies, it said.

The regulator said it gave approval to a similar deal in 2015, approving a merger between the New Zealand businesses of Staples - now owned by Platinum and called Winc NZ - and OfficeMax, as part of a wider global merger. That acquisition didn't take place within the statutory 12-month timeframe and the clearance lapsed, it said. Platinum didn't apply for clearance for its 2017 proposed acquisition of OfficeMax.

The commission said it wouldn't make further comment while the case is before the High Court.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>