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 acquire all shares in both companies on a one-for-one share exchange basis. Rainbow earlier this week lifted its stake in Progressive to 52 pct from 44 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 acquiring up to 45 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 4.20 N.Z. Dlrs a share last Monday.