Published31 Oct 2002
The Commerce Commission has approved a clearance application from Custom
Fleet (NZ) Limited to acquire the shares of Hertz Fleetlease Limited
from Ford Motor Credit Company.
Custom Fleet is a wholly-owned subsidiary of Bank of New Zealand and
provides fleet leasing and a small level of fleet management services.
Hertz Fleetlease offers both fleet leasing and fleet management services
in Australia and New Zealand. It also operates a small office equipment
leasing business in New Zealand.
Chair John Belgrave said the Commission is satisfied that the proposed
acquisition would not have, nor would be likely to have, the effect of
substantially lessening competition in the fleet leasing and fleet
management markets.
The Commission's written decision on the application will be available
soon on the Commission's website, www.comcom.govt.nz/adjudication.
Media contact: Richard Braae, Manager, Market Structure Group
Phone work (04) 924 3650
Jackie Maitland, Communications Manager
Phone work (04) 924 3708, mobile 029 924 3708