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NZ regulator OKs Vodafone takeover of Australian subsidiary TelstraClear

WELLINGTON -- New Zealand's competition watchdog gave a green light on Tuesday to British telecom giant Vodafone's NZ$840 million (US$689 million) bid for TelstraClear, Australian carrier Telstra's local subsidiary.

The New Zealand Commerce Commission said it reached the decision after examining the deal's potential impact on a range of telecommunications markets in New Zealand, including broadband and mobile phone services.

The takeover is expected to create a company capable of challenging Telecom Corp.'s market dominance in New Zealand.

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