Highest number of business acquisition clearance applications in 10 years; dates for decisions
Published30 May 2001
The Commerce Commission has 11 applications for clearance of business acquisitions on hand. This is the highest number in the last 10 years.
All the applications were made before the Commerce Act was amended. This means that the previous business acquisitions regime will be used in these cases. That regime prohibited acquisitions that resulted in dominance being acquired or strengthened in any market. The amendments came into force on May 26.
The current regime prohibits business acquisitions that substantially lessen competition in any market. No applications have yet been received since the Act was amended.
The table on the following page lists the applications and their due dates. The Act gives the Commission 10 working days in which to make its decision but allows for extensions of time if necessary. It is likely that extensions will need to be considered for some of these applications.
Applicant
Target
Proposal
Due date*
Nelson Pine Industries Limited
Rayonier MDF New Zealand
100 percent of shares
May 31
Fletcher Building Products Limited
Carter Holt Harvey doors
Assets
June 1
Carter Holt Harvey Limited
Central North Island Forestry Partnership
100 percent of shares or assets
June 7
Yet to be formed joint venture company
Merino New Zealand Limited/Wrightson Limited
Assets
June 7
Howard Smith Limited
OPSM Protector Limited
Assets
June 8
Natural Gas Corporation Holdings Limited
AGL NZ Energy Limited
Assets
June 8
Solid Energy New Zealand Limited
Todd Coal Limited
Assets
June 8
Lowe Corporation Limited
Colyer Mair Limited
100 percent of shares
June 14
Computershare Registry Services Limited
BT Portfolio Services (NZ) Limited
100 percent of assets or shares
June 20
Caltex New Zealand Limited
Challenge Petroleum Limited
100 percent of shares
June 20
Progressive Enterprises Limited
Woolworths (NZ) Limited
100 percent of shares
June 22
Media contact: Director Business Competition Branch Geoff Thorn
