Commission clears NZSI to acquire BIL's 50 percent of Sealord
Published23 Mar 2000
The Commerce Commission today cleared New Zealand Seafood Investments Limited (NZSI) to acquire 100 percent of the shares in Basuto Investments Limited, which is owned by Brierley Investments Limited (BIL). Basuto owns 50 percent of the shares in Sealord Group Limited.
Commission Chair John Belgrave said that the Commission was satisfied that, should the acquisition go ahead, NZSI would not acquire or strengthen a dominant position in any market in New Zealand.
NZSI is a special purpose company formed specifically for this proposed acquisition. Amalgamated Dairies Limited, Sanford Limited and Talleys' Fisheries Limited, which have substantial existing fishing interests, all also have interests in NZSI.
In making its decision, the Commission considered the impact on competition of NZSI, Sealord, Amalgamated Dairies, Sanford and Talleys all being associated.
Public copies of the Commission's decision will be available within a few days.
Background
The Commerce Act prohibits business acquisitions that result in dominance being acquired in any market in New Zealand.
Parties can apply for a clearance, which the Commission will grant if it is satisfied that dominance is not acquired or strengthened. A clearance, if granted, protects an acquisition from court action under the Act.
