Published07 Nov 2002
The Commerce Commission has approved an application from Cendant
Corporation, which owns and operates Avis Rent-a-Car Limited, to acquire
up to 100% of the shares and assets in Budget Group Inc's car and truck
operations in New Zealand.
Budget is currently in bankruptcy proceedings in the USA. Cendant
proposes to acquire Budget's rental car and truck operations and certain
rights that Budget has as the owner of a car rental franchise system in
numerous countries, including Australia and New Zealand.
Chair John Belgrave said the Commission is satisfied that the proposed
acquisition would not have, nor would be likely to have, the effect of
substantially lessening competition in the corporate or leisure car
rental markets.
The Commission's written decision on the application will be available
soon on the Commission's website, www.comcom.govt.nz/adjudication.
Media contact: Richard Braae, Manager, Market Structure Group
Phone (04) 924 3650
Jackie Maitland, Communications Manager
Phone (04) 924 3708, cell 029 924 3708