Cavalier Wool Holdings is trying to buy New Zealand Wool Services International, the country's biggest wool exporter.
Wool services is 64% owned by Plum Duff and Woolpak Holdings, which were put into receivership by South Canterbury Finance's receivers in December.
It trades wool and owns a wool scouring plant in Hawkes Bay and another near Christchurch.
Cavalier Wool Holdings owns two wool scouring plants in Hawkes Bay and in Timaru.
The Commerce Commission says it will consider whether the purchase will substantially lessen competition in the wool market, and whether the benefits outweigh any loss of competition.
Wool Services said last week that it would resist any move to buy its scours and has told Cavalier that it is opposed to any attempt to create a monopoly in wool scouring.