Fletcher Building applies for clearance to acquire Crane Group Limited
Published23 Dec 2010
The Commerce Commission has received an application from Fletcher Building Limited (through its wholly owned subsidiary Fletcher Building (Australia) Pty Limited) seeking clearance to acquire up to 100 per cent of the ordinary shares in Crane Group Limited.
The Commerce Commission has received an application from Fletcher Building Limited (through its wholly owned subsidiary Fletcher Building (Australia) Pty Limited) seeking clearance to acquire up to 100 per cent of the ordinary shares in Crane Group Limited.
Fletcher Building and Crane Group both manufacture and supply a broad range of building materials in New Zealand and Australia. Fletcher Building is listed on both the New Zealand and Australian stock exchanges. Crane Group is listed on the Australian stock exchange.
The clearance application predominately relates to both parties' involvement in the manufacture and supply of pipes and pipe fittings. The clearance application also relates to both parties' involvement in the distribution of electrical products, plumbing and bathroom/laundry products and safety equipment.
In considering the application, the Commission's role is to determine whether the acquisition has the effect of substantially lessening competition in a market.
