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

 


Fletcher Applies To Acquire Steel & Tube

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FLB), AUSTRALIA (FLCBS), NEW YORK (FLB).

FLETCHER CHALLENGE BUILDING APPLIES
FOR CLEARANCE TO ACQUIRE STEEL & TUBE

AUCKLAND, 16 February 2001 – Fletcher Challenge Building has lodged with the Commerce Commission an application for a clearance to acquire up to 100 per cent of the shares in steel merchant and processor Steel & Tube Holdings Limited.

The application was made in the name of Fletcher Challenge Building’s steel division, Fletcher Steel Limited. The Commerce Commission approved a similar application in December 1999. The clearance granted was valid for 12 months and expired in December 2000.

Fletcher Challenge Building did not acquire Steel & Tube shares during that period partly because of BHP’s decision to withdraw from sale its 50.01 per cent stake in Steel & Tube, and partly because of volatility within the Australasian steel industry.

Restructuring in Australia during the past 12 months has resulted in the spin-off of BHP’s long products division as a new entity, OneSteel, which now holds what was formerly BHP’s stake in Steel & Tube. Ongoing realignments and consolidations mean that Fletcher Challenge Building is keen to retain its options.

Fletcher Challenge Building anticipates that a clearance will be granted, as no significant changes have occurred in New Zealand market shares since the Commerce Commission approved a similar application 14 months ago.

Brian Wignall, Group General Manager of Fletcher Steel Limited, said: “If anything, competition has increased in the relevant market sectors.”

Fletcher Steel Limited encompasses a diverse range of steel businesses, including Pacific Steel, Pacific Wire, Fletcher Easysteel, Dimond, Cyclone and Fletcher Reinforcing.

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