Business Acquisition Clearance Applications
Highest Number Of Business Acquisition Clearance Applications In 10 Years; Dates For Decisions
The Commerce Commission has 11 applications for clearance of business acquisitions on hand. This is the highest number in the last 10 years.
All the applications were made before the Commerce Act was amended. This means that the previous business acquisitions regime will be used in these cases. That regime prohibited acquisitions that resulted in dominance being acquired or strengthened in any market. The amendments came into force on May 26.
The current regime prohibits business acquisitions that substantially lessen competition in any market. No applications have yet been received since the Act was amended.
The table on the following page lists the applications and their due dates. The Act gives the Commission 10 working days in which to make its decision but allows for extensions of time if necessary. It is likely that extensions will need to be considered for some of these applications.
Applicant Target Proposal Due date* Nelson Pine Industries Limited Rayonier MDF New Zealand 100 percent of shares May 31 Fletcher Building Products Limited Carter Holt Harvey doors Assets June 1 Carter Holt Harvey Limited Central North Island Forestry Partnership 100 percent of shares or assets June 7 Yet to be formed joint venture company Merino New Zealand Limited/Wrightson Limited Assets June 7 Howard Smith Limited OPSM Protector Limited Assets June 8 Natural Gas Corporation Holdings Limited AGL NZ Energy Limited Assets June 8 Solid Energy New Zealand Limited Todd Coal Limited Assets June 8 Lowe Corporation Limited Colyer Mair Limited 100 percent of shares June 14 Computershare Registry Services Limited BT Portfolio Services (NZ) Limited 100 percent of assets or shares June 20 Caltex New Zealand Limited Challenge Petroleum Limited 100 percent of shares June 20 Progressive Enterprises Limited Woolworths (NZ) Limited 100 percent of shares June 22