Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fletcher Challenge Responds To Commerce Commission

Fletcher Challenge Responds To Commerce Commission Announcement

AUCKLAND, 13 October 2000 – Dr Roderick Deane, Chairman of Fletcher Challenge Limited, today reaffirmed the Board’s commitment to the separation process announced earlier this week.

Speaking following the Commerce Commission’s announcement yesterday not to clear Shell’s application to acquire Fletcher Challenge Energy, Dr Deane said, “We are extremely disappointed with this development as we believe that the Shell and Apache offer represents outstanding value for Fletcher Challenge Energy shareholders. In addition, it is very positive for New Zealand in that Shell brings both the global expertise and the necessary financial resources to develop oil and gas exploration and production opportunities in this country. We would still like to see the Shell and Apache transaction completed, and are hopeful that Shell and the Commission can find a way forward so that we complete the deal we announced earlier this week.”

“We remain of the view that the wider reorganisation of Fletcher Challenge is also in the best interests of all shareholders, and are determined to press ahead with the restructuring. In this regard, the rights issue for Fletcher Challenge Forests (FFS) is not dependent on the Shell transaction and will continue as announced,” he confirmed.

Commenting on the timing of the Fletcher Challenge separation announcement earlier this week, Dr Deane said that once the transaction with Shell and Apache had been agreed, and the Underwriters of the Fletcher Challenge Forests rights issue had been put in place, the Company was bound to immediately inform shareholders and the market.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news