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Global Forest Partners LP applies for clearance

4 September 2006/034

Global Forest Partners LP applies for clearance to acquire the forestry assets of Carter Holt Harvey

The Commerce Commission has received an application from CRBF, a timber investment fund, and its advisers GFP, seeking clearance to acquire the shares and/or assets of a number of Carter Holt Harvey Limited subsidiaries that hold forestry assets.

The forestry assets include freehold property, non-freehold land interests, standing timber on that land, plant and equipment, business contracts, licences and consents. The forests and other assets are located in Northland, the Central North Island, and Nelson/Marlborough.

GFP is a US registered investment adviser that advises nine institutional timber investments globally. In New Zealand, GFP advises four investment funds that between them, own forestry assets in the central North Island, a 50% share of a joint venture with CHH in respect of the Mangakahia Forest in Northland, and a 49% share of a joint venture with Weyerhaeuser Company in respect of 63,000 hectares of forest in the Nelson region.

CHH is a wood fibre products company and carries on business activities in forests, wood products, pulp and paper, packaging and building supplies.

In considering the application, the Commission’s role is to determine whether the acquisition would have 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.

ENDS

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