Application For Clearance To Acquire Colyer Mair

Friday, 18 May 2001, 2:39 pm
Press Release: Commerce Commission

Lowe Corporation Applies For Clearance To Acquire Colyer Mair

The Commerce Commission has received an application from Lowe Corporation Limited to acquire 100 percent of the shares in Colyer Mair Limited.

Both companies process and export animal hides and skins.

Lowe Corporation is owned by Graeme Lowe Finance & Investments Limited and Graeme Lowe. It had its origins in Lowe Walker Limited, and was formed when that company sold its meat processing interests.

Colyer Mair is owned by Richina Pacific Limited. It was formed from an amalgamation of Colyer Watson Hides Limited and the activities of Mair Pelts Limited.

The Director of the Commission's Business Competition Branch, Geoff Thorn, said that the Commission must determine what are the relevant markets for the proposal, and then assess what impact the proposal would have on competition in those markets.

The Commerce Act prohibits business acquisitions that would result, or would be likely to result, in any person acquiring or strengthening a dominant position in a market. Parties can apply for a clearance, which the Commission will give if it is satisfied that dominance would not be acquired or strengthened.

The Act gives the Commission 10 working days in which to make its decision. Working day 10 will be May 31.

Copies of Lowe Corporation's application are available from reception at the Commission's Wellington office, level 7 Landcorp House, 101 Lambton Quay.

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