New Zealand Seafood Investments seeks clearance to acquire BIL's 50 percent of Sealord
Published07 Mar 2000
The Commerce Commission has received an application from New Zealand Seafood Investments Limited (NZSIL) to acquire the 50 percent of Sealord Group Limited currently owned by Brierley Investments Limited (BIL).
NZSIL is a special purpose company formed for this proposed acquisition. Commercial fishing companies Amaltal Corporation Limited and Sanford Limited each own 50 percent of NZSIL.
Amaltal is owned by Talley's Fisheries Limited and Amalgamated Marketing Limited. They hold 50 percent of the shares each. Amalgamated Dairies Limited owns 100 percent of Amalgamated Marketing and 48 percent of Sanford.
The Commission's Commerce Act Manager, Geoff Thorn, said that the Commerce Act gives the Commission 10 working days in which to make a decision, but allows for extensions if necessary. Working day 10 will be Tuesday March 21.
The Act prohibits business acquisitions that result in dominance being acquired or strengthened in any market. Parties can apply for a clearance, which the Commission will grant if it is satisfied that dominance is not acquired or strengthened.
The Commission will define what are the relevant markets and will determine what impact the proposal would have on competition in those markets.
It will consider how, if at all, the various fishing interests of NZSI's owners would be affected if the proposal were to go ahead.
Public copies of NZSI's application should be available from the Commission's Wellington office, tomorrow (Wednesday).
