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Oji seeks clearance to acquire CHH pulp & paper business

Oji seeks clearance to acquire CHH pulp & paper business

The Commerce Commission has received an application from Oji Oceania Management (NZ) Limited seeking clearance to acquire up to 100% of the shares in Carter Holt Harvey Pulp & Paper Limited (CHHPP) from Carter Holt Harvey Limited.

CHHPP manufactures pulp, paper and packaging products in New Zealand and Australia. The business assets affected by this acquisition will comprise the Kinleith pulp and paper mill, the Tasman pulp mill, the Penrose paper recycling mill, and packaging businesses in New Zealand and Australia.

The purchaser is a wholly-owned subsidiary of JP NewCo, a joint venture company which, at the time of settlement, will be owned 60% by Oji Holdings Corporation (Oji) and 40% by Innovation Network Corporation of Japan (INCJ).

Oji is a global producer of paper and packaging products. In New Zealand, Oji owns 100% of Pan Pac Forest Products Limited, which owns forests and operates a sawmill and a thermo-mechanical pulp mill, all in Hawke’s Bay.

INCJ is a corporation sponsored by the Japanese government and private enterprises aimed at promoting innovation and enhancing the value of businesses in Japan. It has no existing involvement in New Zealand.

A public version of the application will be available shortly 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

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