Commission receives clearance application from Sanford to acquire Surplus Quota for scampi from Simunovich
Published24 Nov 2004
The Commerce Commission has received an application from Sanford Limited seeking clearance to acquire Surplus Quota for scampi from Simunovich Fisheries Limited.
The Commerce Commission has received an application from Sanford Limited seeking clearance to acquire Surplus Quota for scampi from Simunovich Fisheries Limited.
The transaction is part of an Agreement for Sale and Purchase of New Zealand Fishing Rights and Assets between Sanford and Simunovich. Under the Agreement, Sanford has the right to purchase Surplus Quota for scampi and trevally, conditional on consent from the Minister of Fisheries. The acquisition of the scampi Surplus Quota is also conditional on clearance from the Commission. Clearance is not sought for the purchase of the trevally Surplus Quota.
Sanford is an Auckland-based fisheries company, listed on the New Zealand Stock Exchange.
Simunovich is an Auckland-based fisheries company, wholly owned by members of the Simunovich family.
In considering the application, the Commission's role is to determine whether the proposed acquisition has the effect of substantially lessening competition in a market.
A public version of the application is available on the Commission's website www.comcom.govt.nz under Adjudication.
