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CHH Applies For Clearance To Acquire Partnership

CHH Applies For Clearance To Acquire Central North Island Forest Partnership

The Commerce Commission has received an application from Carter Holt Harvey Limited (CHH) for clearance to acquire the Central North Island Forest Partnership (CNIFP).

The Commission's Commerce Act Manager, Geoff Thorn, said that CNIFP is owned by Fletcher Challenge Forests Limited and Citic, which is an investment branch of the Chinese government.

CHH is one of the largest forest products companies in the Southern hemisphere, with extensive forestry and forest products interests in New Zealand.

Mr Thorn said that the Commission must determine what markets are relevant to the proposal, and then assess what impact the proposal would have on competition in those markets.

The Act prohibits business acquisitions that result in dominance being acquired or strengthened in any market. The Commission will give a clearance if it is satisfied that dominance would not be acquired or strengthened.

The Commission has 10 working days in which to make its decision but the Act allows for extensions of time if necessary. Working day 10 will be April 17.

Public copies of CHH's application are available from reception at the Commission's Wellington office, level 7 Landcorp House, 101 Lambton Quay.

Ends


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