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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news