SKY Network Television (ASX:SKT) and Vodafone have confirmed they are filing appeals today in the New Zealand High Court against an unfavourable decision by the New Zealand Commerce Commission (The Commission).
The Commission decided not to clear the companies’ proposed merger of their operating businesses in New Zealand.
The Commission says it needed to be satisfied that the proposed merger would not be likely to lessen competition in the broadband and mobile telecommunications markets in New Zealand. Needless to say, the two companies were not able to convince the Commission on that point.
The Commission’s detailed reasons are expected to be released in the coming weeks.
Yesterday, Sky Network shares closed 0.62% lower at $3.21