The investigation conducted by the NZCC
found that the transaction would not have a negative impact on competition in any market affected by the acquisition, the statement said.
The NZCC adjudicates applications for clearance or authorization of transactions.
The NZCC generally comprises between four and six members, at least one of whom must be a barrister and solicitor of at least five years' standing (240); moreover, from time to time the Minister of Commerce may appoint associate members in relation to a specific matter or class of matters.
Currently only the ACCC in Australia and the NZCC
continue with any allegations, which Air New Zealand says it is strongly defending.
Be this as it may, I will here broadly concur with the NZCC's finding, which was not overturned by the NZ High Court, that competition in all the affected markets would be substantially lessened, and will use a formal spreadsheet-based oligopoly model to produce quantitative estimates of the likely increases in market prices and the associated changes in outputs and market shares.
Section 4 asks if the NZCC and High Court may have misdirected their efforts because of failure to correctly interpret the 2001 'Purpose Clause' (s 1A) modification to the Commerce Act.
They also hailed the initiative taken by NZCC
and expressed their desire to see more such event in the valley.
Professor Rajindar Singh Gill, Director, NZCC
said, "The main aim of holding this music festival is to highlight the traditional songs of each region and after Kashmir other northern states will also host this festival."