Computershare Applies For Clearance

Thursday, 24 May 2001, 4:18 pm
Press Release: Commerce Commission

Computershare Applies For Clearance To Acquire BT Portfolio Services

The Commerce Commission has received an application from Computershare Registry Services Limited to acquire all the shares or assets of BT Portfolio Services (NZ) Limited.

Both companies provide registry services for companies and other organisations that have quoted securities or which require maintenance of membership lists or registers.

Computershare is a wholly owned subsidiary of Australian registered company Computershare Limited.

BT Portfolio Services is a wholly owned subsidiary of United States registered company Principal Financial Services Inc.

The Director of the Commission's Business Competition Branch, Geoff 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 Commerce 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 is not acquired or strengthened.

The Commission's decision is due on June 20.

Public copies of Computershare's application will be available soon.

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