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


Fletcher Applies 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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


'Unprecedented' Conditions: Genesis Coal Burn 5-Yr High

Coal-fired generation from Genesis Energy’s Huntly operations was the highest in more than five years in the December quarter, as a combination of low hydro storage and plant outages were compounded by tight natural gas supplies. More>>


Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>


GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>


Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>