Woolworths has today lodged an application with the New Zealand Commerce Commission (NZCC) seeking clearance to acquire up to 100% of the New Zealand retailer The Warehouse Group.
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Woolworths CEO and managing director Michael Luscombe said that the company is seeking clearance although no decision had yet been made on whether it would make any proposal to acquire the business.
“We currently have an approximate 10% shareholding in The Warehouse and great respect for the business, its management and staff. This application allows us to continue to evaluate all options in relation to our potential entry into the general merchandise sector in New Zealand,” he said.
Luscombe said the Australian retailer did not believe there were any competition issues that would prevent it from acquiring The Warehouse.
“As part of the review required by the Commerce Commission we will provide any assistance as required” he added.
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By GlobalDataWoolworths, which is already a major supermarket operator in New Zealand, last year took a 10% stake in The Warehouse. The Warehouse is controlled by Stephen Tindall, who through his family and a foundation holds 51% of the company.
