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BRIEF-NZME Ltd updates on approval of proposed merger, draft determination issued

Published 08/11/2016, 06:54 am
Updated 08/11/2016, 07:00 am
© Reuters. BRIEF-NZME Ltd updates on approval of proposed merger, draft determination issued

Nov 8 (Reuters) - Nzme Ltd NZM.NZ

* NZCC's preliminary view is that, based on information it has received to date, it should decline proposed merger between Nzme & Fairfax New Zealand

* "NZCC has then indicated that its preliminary view is that it will decline merger due to unquantified concerns relating to plurality of media"

* NZCC has concluded, based on its standard test, that public benefits arising from merger outweigh quantified detriments

* Final nzcc determination is currently expected on or before 15 march 2017

* "Parties' view is that nzcc has failed to properly take into account diversity of opinions that will continue post-transaction in an increasingly converged digital world"

* Refers to New Zealand Commerce Commission process for approval of proposed merger between Nzme Limited and New Zealand unit of Fairfax Media Ltd

* NZCC published a draft determination setting out its preliminary view as to whether it is likely to grant authorisation to proposed merger Source text for Eikon: ID:nNZWb2jjx2 Further company coverage: NZM.NZ

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