Contact Energy says merger won’t lessen competition

Contact said Manawa has just a 4.3% market share and the enlarged business would still face competition from larger rivals Meridian Energy and Mercury NZ. — Bloomberg

WELLINGTON: New Zealand power company Contact Energy says its proposed merger with Manawa Energy won’t substantially lessen competition in any market, according to a clearance application submitted to the antitrust regulator.

Last month, Contact announced a NZ$1.86bil (NZ$1.2bil) cash-and-shares deal to buy its smaller rival.