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Com Com sees signs of economic activity

Fuseworks Media
Fuseworks Media
Mark Berry
Mark Berry

Wellington, March 25 NZPA - After an eight-month lull in mergers and acquisitions the Commerce Commission's receipt of a clearance application is another sign of increasing economic activity, MPs were told today.

Commission chairman Mark Berry said the recession had changed the nature of its business.

"As a result of the economic downturn the commission has experienced an eight-month lull in clearance applications," Mr Berry said.

"Last week the commission received its first clearance application in eight months and we are on notice of some uptake in this workstream in the near future."

Last week Hoyt's cinema chain moved to acquire the cinemas owned by the Berkeley Cinema Group.

Mr Berry said staff dealing with mergers and acquisitions moved into the fair trading branch where they were kept busy looking into collapsed finance companies, while others had conducted more cartel investigations.

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