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Woolworths Commerce Com Application over Warehouse
17 January 2007
News release
Woolworths Lodges Application With the NZ Commerce Commission in Respect of the Warehouse
Woolworths Limited (Woolworths) has today lodged an application with the New Zealand Commerce Commission (NZCC) seeking clearance to acquire up to 100% of The Warehouse Group Limited (The Warehouse).
Woolworths CEO and Managing Director, Michael Luscombe, said that the company is seeking clearance although no decision had yet been made on whether it would make any proposal to acquire the business.
“We currently have an approximate 10% shareholding in The Warehouse and great respect for the business, its management and staff.
This application allows us to continue to evaluate all options in relation to our potential entry into the general merchandise sector in New Zealand."
Mr Luscombe said Woolworths did not believe there were any competition issues that would prevent it from acquiring The Warehouse.
“As part of the review required by the Commerce Commission we will provide any assistance as required” he said.
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