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ACCC rejects Pacific Brands' acquisition of Joyce

Media release

Thursday 3rd March 2005

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Pacific Brands Ltd today announced that the Australian Competition and Consumer Commission has declined to give an informal merger clearance for Pacific Brands to acquire the foam operations of Joyce Corporation Limited on the sale terms previously announced.

The ACCC's decision follows a period in which extensive consultation occurred between the ACCC, Pacific Brands and Joyce. This period commenced in November 2004 and involved detailed submissions and competition analysis from both Pacific Brands and Joyce. The ACCC also sought submissions from other interested parties.

As a result of the ACCC's decision, Pacific Brands will not acquire Joyce's foam operations.

Pacific Brands' recent full year profit guidance remains unchanged.

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