Woolworths is slashing the value of its New Zealand supermarkets by $2.3 billion to $700 million in a 70 percent decrease.
The company blames a 'weaker medium-term outlook' and higher interest rates for this decision.
MonopolyWatch spokesperson Tex Edwards says this announcement is a PR stunt to push back against a wave of inquiries.
"You publish bad news before the Commerce Commission and the board members and the lobbyists start to come down."
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