Shell Hopeful Of A Way Forward

12 October 2000

Media Statement

SHELL DISAPPOINTED BY COMMERCE COMMISSION DECISION BUT HOPEFUL OF A WAY FORWARD

Shell New Zealand says it is very disappointed by the Commerce Commission’s decision to decline Shell’s application to acquire the New Zealand assets of Fletcher Challenge Energy (FCE).

Shell New Zealand Chairman, Ed Johnson, says that the Company will be meeting with the Commerce Commission at the earliest opportunity to consider more closely their concerns regarding the proposal.

Shell obviously cannot comment in any detail on the announcement until it has seen the decision and had time to study it in detail.

“We remain hopeful that we can find a way forward to complete this transaction. We believe that the proposal submitted to the Commission was robust, and ensured that consumer interests were safeguarded. The transaction was not only good for Shell but more importantly, it was good for New Zealand and its long-term future.”

Ends

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