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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

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