New Zealand’s High Court this morning [Friday] lifted a injunction preventing Foodland from pursuing the US$338m purchase of Woolworths NZ from Hong Kong-based Dairy Farm International Holdings.
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However, the Court has ordered judicial review of the purchase by New Zealand’s Overseas Investment Commission (OEC).
Foodland responded bullishly to the news, saying that it believed a legal challenge by competitor retailer Foodstuffs had little chance of success.
“FAL is advised that on the basis of the judgment of the High Court and information currently available, the prospects of the this action succeeding are remote,” Foodland said in a statement.
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