	commission approves rainbow progressive merger the commerce commission has approved a proposed merger between progressive enterprises ltd and rainbow corp ltd rainbow said in a statement the merger involves the formation of a new company astral pacific corp ltd which will uire all shares in both companies on a one for one share exchange basis rainbow earlier this week lifted its stake in progressive to pct from pct the statement said a new private company transcapital corp ltd fully owned by rainbow directors craig heatley gary lane and ken wikeley will purchase this stake for an undisclosed cash sum the commission has also approved transcapital uiring up to pct of astral pacific rainbow said brierley investments ltd which has been a frequent critic of the merger launched a full bid for progressive at n z dlrs a share last monday reuter 
