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New Zealand: TelstraClear CEO quits after approved buyout from Vodafone

 |  October 30, 2012

Chief executive of TelstraClear Allan Freeth has announced he will quit on Thursday, a response to his company’s buyout by Vodafone for $840 million. The nation’s Green Party has denounced the deal, saying it would deplete the market of sufficient competition. Green Party co-leader Russel Norman made a statement noting that a clause in the merger agreement prevented Telstra from re-entering the competitive market for some time, saying that the deal was about “eliminating competition” for Vodafone. New Zealand’s Commerce Commission had approved the merger and stated the deal posed no significant threat to competition in the telco sector.

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