The Commerce Commission today cleared Richmond Limited (Richmond), to acquire up tp 100% of the shares in Waitotara Meat Company Limited (Waitotara).

Commissioner Paula Rebstock said that the Commission was satisfied that, should the acquisition go ahead, Richmond would not acquire or strengthen a dominant position in three particular markets: the North Island market for the procurement of sheep and lambs for slaughter and processing, the market for the wholesale supply of meat products in New Zealand, and the market for fellmongery services in the North Island.

Ms Rebstock said that the Commission is satisfied that existing competition from participants in each of these markets would constrain a combined Richmond and Waitotara. Further, the Commission considered that barriers to entry into each of these markets are not onerous.

The Commerce Act prohibits business acquisitions that result in dominance being acquired or strengthened in any markets.

Media contact: Commerce Act Manager Geoff Thorn

Phone work (04) 498 0958

Communications Officer Vincent Cholewa

Phone work (04) 498 0920

Commission media releases can be viewed on its web site www.comcom.govt.nz