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.