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