Shell And Apache Pleased With Decision

Tuesday, 6 March 2001, 1:53 pm
Press Release: Shell New Zealand

Shell And Apache Pleased With Court Of Appeal Decision

Shell and Apache are pleased with the Court of Appeal decision to decline the Greymouth/Peak application for adjournment of the Fletcher Challenge Annual General Meeting scheduled for this afternoon (Tuesday 6 March).

Now Fletcher Challenge shareholders can vote on the Shell/Apache offer this afternoon.

Shell Chairman, Ed Johnson, says Shell has always believed that today’s shareholder meeting was the proper place for this decision to be made.

“We remain confident that Fletcher Challenge shareholders will accept our offer. It is rock solid, highly attractive and guarantees that shareholders will be paid in full by the end of the month.”

Mr Johnson says Shell’s offer is not only the best for shareholders and Fletcher Challenge employees, but also for New Zealand.

“Shell is making a commitment to create new opportunities. Fletcher Challenge Energy has done a great job to develop New Zealand’s energy resources to this stage. Shell will take that development to the next level by using its expertise and resources.”

Ends

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