The Commission has cleared Hancock or a nominee to acquire the shares and/or assets of a number of Carter Holt Harvey Limited subsidiaries that hold forestry assets.

Commerce Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets.

The forestry assets include freehold property, non-freehold land interests, standing timber on that land, plant and equipment, business contracts, licences and consents. The forests and other assets are located in Northland, Auckland, Central North Island, Hawke's Bay and Nelson.

Hancock is a timberland investment management organisation that develops and manages international timberland portfolios on behalf of investment groups. In New Zealand, Hancock manages the production of pruned sawlogs, unpruned sawlogs and pulplogs, mostly in the central North Island.

CHH is a wood fibre products company and carries on business activities in forests, wood products, pulp and paper, packaging and building supplies.

A public version of the written decision will shortly be available on the Clearances Register.