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

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news