The Commerce Commission today declined to clear Progressive Enterprises Limited to acquire Woolworths (New Zealand) Limited.

Commission Acting Chair Paula Rebstock said the Commission could not be satisfied that the acquisition would not lead to a substantial lessening of competition amongst supermarkets.

Public copies of the Commission's decision will be available shortly.

Media contact: Director, Business Competition Branch, Geoff Thorn

Phone work (04) 498 0958, cellphone (021) 661 104

Communications Manager Jackie Maitland

Phone work (04) 498 0920, cellphone (025) 249 3407