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Reyrolle Pacific Holdings Receives Clearance

2 July 2002

Reyrolle Pacific Holdings Receives Commission Clearance

The Commerce Commission has approved an application from Reyrolle Pacific Holdings Limited to acquire 100% of the shares in VA Tech Reyrolle Pacific Limited, a wholly owned subsidiary of VA Tech Schneider High Voltage.

Commission Chair John Belgrave said the Commission is satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the New Zealand market for the supply of 11kV indoor switchgear, as existing competition would act as an effective constraint on the merged entity.

The Commission’s written decision on the application will be available soon on the Commission’s website, www.comcom.govt.nz/adjudication.

Background
Reyrolle Pacific Holdings Limited is an investment consortium, which includes the Emerald Investment Group of companies, ANQ Investments Limited, Pacific General Securities Limited, Carlton-DFK Capital Limited, and a competitor of VA Tech Reyrolle Pacific – Motorpol New Zealand Limited. Of relevance to this application is Motorpol’s manufacture and supply of 11kV indoor switchgear to the New Zealand market.

VA Tech Reyrolle Pacific Limited is involved in the manufacture and supply of 11kV indoor switchgear to the New Zealand market and is based at Petone.

Ends

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