Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bluescope Steel seeks clearance to acquire certain assets

Bluescope Steel seeks clearance to acquire certain assets of Pacific Steel Group

Issued 24 February 2014

Release No. 79

The Commerce Commission has received an application from Bluescope Steel (NZ) Ltd (Bluescope) seeking clearance to acquire some of the assets of Pacific Steel Group’s (PSG) steel production business.

Under the proposed acquisition, Bluescope would acquire PSG’s rolling and wire mill manufacturing operations in New Zealand, along with its long steel distribution, marketing and sales operations.

Bluescope is a wholly owned subsidiary of Bluescope Steel Ltd, an ASX listed company. Bluescope Steel Ltd’s New Zealand operations include steel production and iron sand mining. They produce a range of steel products including slab, hot and cold rolled coil, welded steel beams, pipes and hollow sections.

PSG is a business unit of Fletcher Steel Limited, a wholly owned subsidiary of Fletcher Building Limited. In New Zealand, PSG comprises three businesses: Pacific Steel, Pacific Wire, and Fletcher Pacific Fiji. PSG also produces a range of steel products including billet, reinforcing bar and coil, wire, rod bar and rod coil.
A public version of the application is available on our Clearances Register.

Background

Assessing an application for a merger or acquisition

When considering a proposed merger (or joint venture), the Commission must decide whether the competition that is lost in a market when two businesses merge is substantial. We will give clearance to a proposed merger only if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

A fact sheet explaining how the Commission assesses a merger application is available on the Commission’s website at www.comcom.govt.nz/merger-assessment

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news