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


FC Building Reaches Agreement With AXA

Fletcher Challenge Building Reaches Agreement With AXA Pacific

AUCKLAND, 16 March 2001 – Fletcher Challenge has completed negotiations with AXA Pacific in a long-running dispute related to a co-generation power project in Australia. The dispute involves power generation plants at six hospitals in the state of Victoria.

In the agreement, Fletcher Challenge Building will purchase Varnsdorf Pty Ltd, the owner of the project, from AXA for A$41.85 million (NZ$50.4 million).

Interim Chief Executive of Fletcher Challenge Building, Michael Andrews, confirmed that negotiations on the issue had intensified late last year. “It is pleasing that this long-standing dispute has been resolved, and that all parties can move on”, he said.

Fletcher Challenge Building made a provision for settlement of this dispute in its accounts for the period ended 31 December 2000. Settlement is expected to be concluded by 31 March.


© Scoop Media

Business Headlines | Sci-Tech Headlines


"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>


Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>


Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>