Australia's Woolworths lodges application for 100 pct of NZealand's Warehouse |
|
|
|
Published
:
Wed, 17 Jan 2007 01:31
|
SYDNEY (XFN-ASIA) - Woolworths Ltd said it has lodged an application with the New Zealand Commerce Commission to acquire up to 100 pct of New Zealand discount retailer, The Warehouse Group Ltd.Woolworths chief executive Michael Luscombe said no decision has been made on whether his group will make a proposal to acquire the New Zealand group.Last year Woolworths acquired a 10 pct stake in The Warehouse Group in a move which blocked the New Zealand's group founder Stephen Tindall from privatizing the group in a 1.8 bln nzd deal involving private equity firm Pacific Equity Partners.Tindall holds more than 50 pct of The Warehouse Group.Luscombe said he does believe there are any competition issues in preventing Woolworths in acquiring The Warehouse Group.Woolworths, Australia's largest supermarket operator, already has a substantial presence in New Zealand through its 2005 acquisition of the then Australian listed Foodland Associated Ltd's New Zealand supermarkets.The Foodland assets cost Woolworths about 2.3 bln aud and gave it a 44 pct slice of New Zealand supermarket sales.(1 usd = 1.28 aud, 1.45 nzd)bruce.hextall@xfn.com
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2372.86 |
+10.65 (
0.45 %)
|
| SYMBOL (
2010-03-16 ) |
| LAST |
CHANGE
|
|
RIO TINTO
(
12:35pm )
|
|
3702.00 |
+45.00 (
1.22 %)
|
|
NEXT
(
12:35pm )
|
|
2034.00 |
+25.00 (
1.24 %)
|
|
KAZAKHMYS
(
12:35pm )
|
|
1496.00 |
+23.00 (
1.56 %)
|
| SYMBOL (
2010-03-16 )
|
| LAST |
CHANGE
|
|
INTEL CP
(
1:25pm ) |
|
21.92 |
+0.75 (
3.53 %)
|
|
IBM
(
1:25pm ) |
|
128.29 |
+0.46 (
0.36 %)
|
| SYMBOL (
2010-03-16 )
|
| LAST |
CHANGE
|
|
GOOGLE
(
12:52pm ) |
|
567.15 |
+3.97 (
0.71 %)
|
|
|
Print this Story
Woolworths sells MVC entertainment stores for £5.5 million 