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Clearance application from Carter Holt Harvey

2 November 2004-05/053

Commission receives clearance application from Carter Holt Harvey

The Commerce Commission has received an application from Carter Holt Harvey Limited seeking clearance to acquire the structural and wood processing business and assets of Tenon Limited and/or its wholly owned subsidiaries which is based on and includes: Kawerau Sawmill and Remanufacturing Plant; Rainbow Mountain Sawmill; Ramsey Roundwood; and Mount Maunganui Plywood.

Carter Holt Harvey is a public wood fibre products company incorporated in New Zealand listed on the New Zealand and Australian stock exchanges and 51 percent owned by International Paper Company. Carter Holt Harvey carries on business activities in forests, wood products, pulp and paper, packaging and building supplies. It produces wood products for the same markets.

Tenon and its subsidiaries are directly or indirectly majority owned by Rubicon Limited, which is a public company listed on the New Zealand stock exchange. Tenon operates a number of wood processing and sawmill facilities located in the central North Island and produces wood products for the Australian, American, Asian, European and New Zealand markets.

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

A public version of the application will shortly be available on the Commission’s website www.comcom.govt.nz under Adjudication.

ENDS

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