New Zealand\'s competition watchdog gave a green light on Tuesday to British telecom giant Vodafone\'s NZ$840 million ($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 commission is satisfied that the proposed acquisition would be unlikely to substantially lessen competition in any of the relevant markets,\" chairman Mark Berry said in a statement. The takeover is expected to create a company capable of challenging Telecom Corp\'s market dominance in New Zealand. \"Vodafone\'s vision is to combine our mobile leadership with TelstraClear\'s strength in broadband, (pay) television and enterprise solutions to create a new force in the New Zealand communications market,\" Vodafone said in a statement.