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Vector clearance application

Issued 30 July 2002-03/017

Commission receives clearance application from Vector

The Commerce Commission has received an application from Vector Limited, and any of its interconnected corporate bodies, to acquire up to 100% of the shares in the capital of UnitedNetworks Limited (UNL) and some or all of the assets of the businesses carried on by UNL.

Vector Limited is 100% owned by the Auckland Energy Consumer Trust. It owns and operates the electricity network infrastructure in the Auckland region. The network distributes power to more than 270,000 residential and commercial customers located in the Auckland, Manukau and Papakura districts, including Waiheke Island.

UNL is a publicly listed company with its major shareholders being UtiliCorp NZ Limited and UnitedNetwork Shareholders' Society. UNL is a network infrastructure company with business activities in electricity and gas distribution, and telecommunications.

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

Ends


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