ORIX applies re clearance to acquire Truck Leasing
Issued 12 July 2006/006
ORIX New Zealand applies for clearance to acquire Truck Leasing
The Commerce Commission has received an application from ORIX New Zealand Limited seeking clearance to acquire 100% of the shares in Truck Leasing Limited (TLL), trading as Esanda FleetPartners, from UDC Finance Limited, a subsidiary of Australia and New Zealand Banking Group Limited (ANZ).
ORIX New Zealand is a subsidiary of ORIX Australia Corporation Limited, which provides vehicle lease and fleet management services in Australia and New Zealand. ORIX Australia is in turn a subsidiary of ORIX Corporation Japan.
Esanda FleetPartners is the specialist vehicle lease and fleet management business of ANZ with operations in both Australia and New Zealand. TLL runs the New Zealand operations of Esanda FleetPartners and is primarily a provider of vehicle leases and fleet management services.
In considering the application, the Commission’s role is to determine whether the 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 Public Registers.