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

 


ASX-listed InvoCare unit cleared to buy Chch crematoriums

Regulator clears ASX-listed InvoCare unit to buy Christchurch crematorium

By Suze Metherell

July 25 (BusinessDesk) - The Commerce Commission has cleared the way for ASX-listed InvoCare's Bledisloe New Zealand to buy the 70-year old Cremation Society of Canterbury adding two crematoriums to its New Zealand network.

The local arm of Australia's largest undertaker sought the regulator's approval to buy the company that owns Harewood Memorial Gardens & Crematorium and Woodlawn Memorial Gardens and Crematorium in Christchurch. The commission found that there would be no lessening of competition in the Canterbury funeral market, where Auckland-based Bledisloe already owns three Christchurch funeral parlours and a headstone maker but previously had no capacity to cremate bodies in the city.

"The merged firm will continue to face competition from a number of existing funeral directors and providers of cremation services in Christchurch as well as a large number of memorial marker suppliers around the country," commission chairman Mark Berry said in a statement. "We are therefore satisfied that there is unlikely to be a substantial lessening of competition in these markets."

InvoCare set up its New Zealand subsidiary in 2007 and bought Bledisloe in 2010 for an enterprise value of A$114 million. The group has been expanding its New Zealand holdings, acquiring four funeral parlours last year, bringing its total to 30 businesses across the country.

In 2013, the Australian company's New Zealand sales were A$32 million with earnings before interest, tax, depreciation and amortisation of A$6.2 million, and estimated a 1.9 percent decline in deaths during 2013, according to InvoCare’s annual report.

The Cremation Society was ultimately owned by Clenn Stapley, a Queensland-based accountant, the commission said.

InvoCare's shares rose 0.5 percent to A$$10.47 on the ASX yesterday, and have declined 5.2 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news