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Warehouse to oppose NZ regulator's court appeal

Mon Dec 17, 2007 11:51pm EST

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WELLINGTON, Dec 18 (Reuters) - New Zealand discount retailer and takeover target The Warehouse Group Ltd (WHS.NZ) said on Tuesday that it would oppose a move by the country's competition regulator to appeal a court decision allowing bids for it.

Earlier the Commerce Commission said it would appeal a High Court ruling last month which overturned a decision preventing supermarket rivals Foodstuffs Ltd and Woolworths Ltd (WOW.AX) from making offers for The warehouse.

"The board is of the view that should the application for appeal be granted, a further lengthy period of uncertainty is likely to result, which is not in the best interests of the business, employees or shareholders,"said Warehouse chairman Keith Smith. Both Woolworths and Foodstuffs have said they will also oppose the competition regulator's appeal.

Shares in The Warehouse, which has been valued at up to NZ$2.6 billion ($2 billion), closed down 73 NZ cents or 11.8 percent at NZ$5.47. ($1=NZ$1.32)



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