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Woolworths statement on NZCC appeal

Published: Fri 17 Oct 2008 01:08 PM
PRESS RELEASE 16.10.08
Woolworths statement on NZCC appeal
Following the recent announcement by The Warehouse board that it is terminating the Extra format, Woolworths has concluded that the market characteristics upon which the New Zealand Commerce Commission based its rejection of Woolworths’ clearance application have fundamentally changed.
As a consequence of that change, Woolworths has reached the view that there are no relevant competition issues impacting a potential acquisition of The Warehouse and therefore no reason for it to continue with its application for leave to appeal to the Supreme Court in an endeavour to achieve a clearance. Accordingly, it has directed its legal advisers to take the necessary steps to withdraw the application for leave to appeal.
As previously announced, Woolworths has not made a decision in respect of its shareholding in The Warehouse or any proposal. Woolworths continues to monitor the performance of The Warehouse, the New Zealand retail climate, financial market conditions and the outlook for the New Zealand economy.
ENDS

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