Highest Number Of Business Acquisition Clearance Applications In 10 Years; Dates For Decisions
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
Ends