Shell Agrees To Commerce Commission’s Extension

31 October 2000

Shell Agrees To Commerce Commission’s November 17 Extension

Shell has agreed to the Commerce Commission’s request for a time extension to enable it to complete its review of Shell’s second application to acquire the Energy Division (FCE) of Fletcher Challenge Limited (FCL).

The Commission now has until November 17th to consider the clearance reapplication by Shell.

Shell New Zealand Chairman and Chief Financial Officer, Ed Johnson, said Shell would continue to make available all information which would assist the Commission in its decision making process.

“In agreeing to the time extension, Shell remains confident that it has supplied the Commission with information that demonstrates how consumer interests will be preserved and competition safeguards will be maintained. Shell will explore all avenues and legal options to ensure that the necessary clearance is given to allow the FCE transaction to be completed.”

Shell will not be commenting on the transaction or the clearance process in any way until the Commission has announced its decision on November 17.

Ends

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