CRBF Cleared To Acquire CHH Assets

CRBF Limited cleared to acquire the forestry assets of Carter Holt Harvey Ltd

The Commission has cleared CRBF Limited to acquire the shares and/or assets of a number of Carter Holt Harvey Limited (CHH) subsidiaries that hold forestry assets. The clearance is subject to

a divestment undertaking.

Commerce Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets.

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, Auckland, Central North Island and Nelson.

CRBF Limited is a newly created timber investment fund managed by the US timber investment organisation, Global Forest Partners (GFP). GFP currently advises four investment funds in New Zealand; these investment funds 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.

A public version of the written decision will shortly be available on the Commission’s website, www.comcom.govt.nz under Public Registers.

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