Fletcher Steel makes second application for clearance to acquire Steel and Tube
Published24 Nov 1999
The Commerce Commission today received a second application from Fletcher Challenge Steel Products Limited for clearance to acquire Steel and Tube Holdings Limited.
The Commission declined the first application on November 4 because it was not satisfied that, should the acquisition go ahead, Fletcher Steel would not become dominant in the national markets for distribution of merchant steel products, and distribution and processing of steel plate products.
The Commission's Commerce Act Manager, Geoff Thorn, said that the new application differs from the first in that it provides additional information about these two steel markets.
The Commerce Act gives the Commission 10 working days to make its decision and allows for extensions of time if necessary. Working day 10 will be Wednesday December 8.
The Act prohibits business acquisitions that result in dominance being acquired or strengthened in any markets.
Parties can apply for a clearance, which the Commission will grant if it is satisfied that dominance is not acquired or strengthened.
Public copies of Fletcher Steel's application will be available from the Commission tomorrow.
