Foodstuffs seeks a judicial review

At deadline yesterday, dominant supermarket owner Foodstuffs was seeking a judicial review of the Overseas Investment Commission's actions in allowing the Woolworths-Progressive merger to proceed. It was granted a one-day interim injunction in the High Court at Auckland on Wednesday.

Yesterday it was seeking a continuation of the injunction stopping the merger, while the question of a judicial review of the commission's actions in relation to the merger is examined.

Progressive owner Foodland Associated announced on Tuesday it had agreed to buy Woolworths for $690 million but was stopped in its tracks by Foodstuffs' surprise move.

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October 29th Morning Report