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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news