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

 

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news