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Custom Fleet applies to acquire Hertz Fleetlease

Media Release

Issued 18 October 2002-03 / 055

Custom Fleet applies to acquire Hertz Fleetlease

The Commerce Commission has received an application from Custom Fleet (NZ) Limited (Custom Fleet) to acquire the shares of Hertz Fleetlease Limited (HFL) from Ford Motor Credit Company.

Custom Fleet is a wholly-owned subsidiary of Bank of New Zealand, which in turn, is a wholly owned subsidiary of National Australia Bank Limited.

Custom Fleet primarily provides fleet leasing services in Australia and New Zealand, and provides a small level of fleet management services.

HFL offers both fleet leasing and fleet management services in Australia and New Zealand. It also operates a small office equipment leasing business in New Zealand.

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.

A public version of Custom Fleet’s application is available on request from the Commerce Commission.

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