Media Releases

Commission wool scouring conference deferred

3 August 2015

Yesterday the Commerce Commission was provided with new confidential information in relation to the property valuations involved in Cavalier Wool Holdings Limited’s application to acquire 100% of New Zealand Wool Services International’s wool scouring business and assets.

This information cannot yet be tested, as a result the Commission has no option but to defer the reconvening of the conference which had been scheduled for Wednesday 5 August.

A further update will be provided in due course.

Final submissions on any matters other than the valuations are still due by 10 August.

Background

On 23 October 2014 the Commission received an application from Cavalier Wool Holdings Limited seeking authorisation to acquire 100% of New Zealand Wool Services International's wool scouring business and assets. On 26 March 2015 the Commission released its Draft Determination which outlined the Commission’s preliminary view that it should authorise the application.

A conference was held on 10 June 2015 to assist the Commission in making a final determination on Cavalier Wool Holdings Limited’s application. The conference did not include a session on property valuations as the Commission was awaiting independent valuations. However, parties were notified that they would have the opportunity to submit on property valuations at a later date.

The Commission was scheduled to reconvene its conference on Wednesday 5 August to consider specific issues relating to property valuations, which form part of Cavalier’s application. This conference was to be closed to the public as the property valuations are entirely confidential.