New Zealand Commerce Act 1986 47-47D: Do not acquire business assets or shares where the acquisition would be likely to substantially lessen competition, including acquisitions by overseas persons

What does 47-47D require?

No person (and no group of interconnected or associated persons) may buy business assets or shares where the purchase would, or would be likely to, substantially lessen competition in a market. Where an overseas person gains control of a New Zealand company through a purchase made outside New Zealand, the High Court may on the Commission's application declare that the acquisition would breach section 47 and make orders against the New Zealand body corporate, including divestiture.