Company aims to acquire rival
The Commerce Commission (Commission) has released a statement of issues relating to Trade Me Limited’s (Trade Me) application for clearance to acquire its rival, PropertyNZ Limited (PropertyNZ) – bringing the company one step closer towards its goal.
Early this year, Trade Me, which owns and operates the Trade Me Property website, filed an application seeking clearance to acquire PropertyNZ, which owns and operates the homes.co.nz website.
The Commission’s statement of issues outlines potential competition issues with the acquisition on the back of its initial investigation. It clarified that the statement is not a final decision and does not mean that it intends to decline or clear the acquisition application.
“We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market,” The Commission said in a statement.
The Commission is seeking submissions from Trade Me, PropertyNZ, and other interested parties on the issues raised in the statement of issues. Parties can submit their statement via email ([email protected]), with the reference “TradeMe/Homes” in the subject line.
The Commission will receive submissions until close of business on May 10, 2021 – with cross-submissions due by close of business on May 17, 2021. It will make a decision on Trade Me’s application by June 04, 2021. However, it might extend the date.