Highest number of business acquisition clearance applications in 10 years; dates for decisions
30 May 2001
The Commerce Commission has 11 applications for clearance of business acquisitions on hand. This is the highest number in the last 10 years.
All the applications were made before the Commerce Act was amended. This means that the previous business acquisitions regime will be used in these cases. That regime prohibited acquisitions that resulted in dominance being acquired or strengthened in any market. The amendments came into force on May 26.
The current regime prohibits business acquisitions that substantially lessen competition in any market. No applications have yet been received since the Act was amended.
The table on the following page lists the applications and their due dates. The Act gives the Commission 10 working days in which to make its decision but allows for extensions of time if necessary. It is likely that extensions will need to be considered for some of these applications.
|
Applicant |
Target |
Proposal |
Due date* |
|
Nelson Pine Industries Limited |
Rayonier MDF New Zealand |
100 percent of shares |
May 31 |
|
Fletcher Building Products Limited |
Carter Holt Harvey doors |
Assets |
June 1 |
|
Carter Holt Harvey Limited |
Central North Island Forestry Partnership |
100 percent of shares or assets |
June 7 |
|
Yet to be formed joint venture company |
Merino New Zealand Limited/Wrightson Limited |
Assets |
June 7 |
|
Howard Smith Limited |
OPSM Protector Limited |
Assets |
June 8 |
|
Natural Gas Corporation Holdings Limited |
AGL NZ Energy Limited |
Assets |
June 8 |
|
Solid Energy New Zealand Limited |
Todd Coal Limited |
Assets |
June 8 |
|
Lowe Corporation Limited |
Colyer Mair Limited |
100 percent of shares |
June 14 |
|
Computershare Registry Services Limited |
BT Portfolio Services (NZ) Limited |
100 percent of assets or shares |
June 20 |
|
Caltex New Zealand Limited |
Challenge Petroleum Limited |
100 percent of shares |
June 20 |
|
Progressive Enterprises Limited |
Woolworths (NZ) Limited |
100 percent of shares |
June 22 |
Media contact: Director Business Competition Branch Geoff Thorn
Phone work (04) 498 0958, cellphone 021 661 104
Senior Advisor Communications Vincent Cholewa
Phone work (04) 498 0920
