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

 

Clearance Application From Fonterra

18 April 2002

Commerce Commission Receives Clearance Application From Fonterra

The Commerce Commission has received an application from Fonterra to acquire, through its wholly owned subsidiary Anchor Investments Limited (AIL), or any of its interconnected bodies corporate, the remaining 50% of shares in Grated Cheese Co Ltd (GCC) from Chad Holdings Limited (Chad).

AIL, which already owns the 50% shares in GCC, is an investment vehicle for Fonterra. It holds shares in a number of companies, including GCC, for investment purposes. Fonterra plans to on-sell its interest in GCC to Australian Food Holdings Limited, which is majority owned by Fonterra.

Chad's two shareholders, Bill Smith and Mal Walker, who are also the managing directors of GCC, wish to sell their shares.

In considering the application, the Commission's role is to determine whether the acquisition has the effect of substantially lessening competition in a market.

Background

GCC produces a range of grated, shredded and diced cheeses from cheese manufactured by Fonterra. It produces and markets a range of food service and consumer packaged grated cheese products under the Greenfields brand, and fills the New Zealand Dairy Board's export contracts for markets in Australia, Asia, Latin America and the Middle East.

Australian Food Holding Limited is Fonterra's principal investment vehicle into New Zealand and Australian consumer dairy markets.

A public version of Fonterra's application is available on request from the Commerce Commission. Please contact Catherine Best, (04) 924 3654.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>