Commission clears CHH To Acquire Tenon Assets

Media Release

Issued 21 December 2004-05/080

Commerce Commission clears Carter Holt Harvey
to acquire certain wood processing assets of Tenon

The Commerce Commission has cleared Carter Holt Harvey Limited to acquire certain structural and wood processing business assets of Tenon Limited, including its Kawerau sawmill and remanufacturing plant, Rainbow Mountain Sawmill, Ramsey Roundwood, and Mount Maunganui Plywood.

Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in the relevant markets.

Carter Holt Harvey is a public wood fibre products company incorporated in New Zealand and listed on the New Zealand and Australian stock exchanges and 51 percent owned by International Paper Company. Carter Holt Harvey carries on business activities in forests, wood products, pulp and paper, packaging and building supplies. Carter Holt Harvey supplies the New Zealand, Australian, American, Asian, and European markets.

Tenon and its subsidiaries are directly or indirectly majority owned by Rubicon Limited, which is a public company listed on the New Zealand stock exchange. Tenon operates a number of wood processing and sawmill facilities located in the central North Island and produces wood products for the.same markets.

A public version of the Commission's decision will shortly be available on the Commission's website www.comcom.govt.nz.

ENDS

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