Fletcher Challenge Steel applies for clearance to acquire Steel and Tube Holdings
Published11 Oct 1999
The Commerce Commission has received an application from Fletcher Challenge Steel Products Limited for clearance to acquire Steel and Tube Holdings Limited.
Both companies operate nationally in steel related markets, including merchant steel products and roofing products.
The Commission's Commerce Act Manager, Geoff Thorn, said that the Commission must assess what markets are relevant to the application and then determine what impact the proposal would have on competition in those markets.
To grant a clearance, the Commission must be satisfied that if the proposal were to go ahead no one would acquire or strengthen a dominant position in any market.
The Commerce Act gives the Commission 10 working days to makes its decision and allows for extensions if necessary. Working day 10 is October 21.
The Act prohibits business acquisitions that result in dominance being acquired or strengthened.
