Part 3 Business acquisitions

Part 3: substituted, on 1 January 1991, by section 18 of the Commerce Amendment Act 1990 (1990 No 41).

47 Certain acquisitions prohibited

(1)

A person must not acquire assets of a business or shares if the acquisition would have, or would be likely to have, the effect of substantially lessening competition in a market.

(2)

For the purposes of this section, a reference to a person includes 2 or more persons that are interconnected or associated.

(3)

For the purposes of this section, a person is associated with another person if that person is able, whether directly or indirectly, to exert a substantial degree of influence over the activities of the other.

(4)

A person is not able to exert a substantial degree of influence over the activities of another person for the purposes of subsection (3) by reason only of the fact that—

(a)

those persons are in competition in the same market; or

(b)

one of them supplies goods or services to the other.

Compare: Trade Practices Act 1974 s 50 (Aust)

Section 47: substituted, on 26 May 2001, by section 11(1) of the Commerce Amendment Act 2001 (2001 No 32).