"I am very sad about that," he said. "We like to have healthy competitors, it's good for the industry." Earlier, Mr Stokes told shareholders of Seven Group, which owns the WesTrac earthmoving equipment business, that uncertainty in global markets may prompt it to consider further impairment charges on its investments. In addition to its 32.5 per cent stake in Seven West Media, publisher of _The West Australian _, Seven Group also has an interest in Mr Packer's Consolidated Media Holdings and a big shareholding in Agricultural Bank of China. Mr Stokes said Seven West Media, having completed a debt refinancing, was the best-performing media business in Australia and "particularly well placed to take advantage of an improving economic outlook". "Unfortunately, the share price of Seven West Media was sold down heavily through the recent market turmoil," Mr Stokes said. "However, the market is now starting to re-assess the quality and value of this business."