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Fletcher applic'n to acquire Stevensons declined

Media Release

Issued 15 September 2005 / no 032

Commission declines application by Fletcher to acquire Stevensons Building Products

The Commerce Commission has declined to grant clearance for Fletcher Concrete and Infrastructure Limited to acquire certain business assets that comprise the Stevensons Building Product Division of W Stevenson and Sons Limited.

Chair Paula Rebstock said that the Commission was not satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in the New Zealand market for cement.

In terms of the Auckland precast and readymix concrete markets, the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition.

The Commission was also satisfied that the acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the Northland, Auckland and Christchurch masonry products markets. These masonry markets are subject to the divestment of Stevensons’ masonry plants and supply yards in Auckland and Christchurch.

However, the Commission needed to consider the effect in all the relevant markets, Ms Rebstock said. The Commission was not satisfied the acquisition would not be likely to substantially lessen competition in the New Zealand market for cement, therefore the acquisition as a whole could not be cleared.

Background

Fletcher is a building materials manufacturer and distributor with a diverse range of operations. Key areas relevant to this application are its operations in cement supply, masonry products, precast products and readymix.

Stevensons building products division’s key business activities are the manufacture and supply of concrete products in Northland, Auckland and Christchurch. It also has retail sales yards in Auckland and Christchurch.

A public version of the Commission’s decision will shortly be available on the Commission’s website under Adjudication: http://www.comcom.govt.nz/adjudication/s6667.cfm.

ENDS

Commission media releases can be viewed on its web site www.comcom.govt.nz

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