Hancock Natural Resource Group Application

Issued 16 August 2006/023

Hancock Natural Resource Group applies for clearance to acquire the forestry assets of Carter Holt Harvey

The Commerce Commission has received an application from Hancock Natural Resource Group, Inc. seeking clearance to acquire the shares and/or assets of a number of Carter Holt Harvey Limited subsidiaries that hold forestry assets.

The forestry assets include freehold property, non-freehold land interests, standing timber on that land, plant and equipment, business contracts, licences and consents. The forests and other assets are located in Northland, Auckland, Central North Island, and Hawkes Bay.

Hancock is a timberland investment management organisation that develops and manages international timberland portfolios on behalf of investment groups. In New Zealand, Hancock manages the production of pruned sawlogs, unpruned sawlogs and pulplogs, mostly in the central North Island.

CHH is a wood fibre products company and carries on business activities in forests, wood products, pulp and paper, packaging and building supplies.

In considering the application, the Commission’s role is to determine whether the acquisition has the effect of substantially lessening competition in a market.

A public version of the application will shortly be available on the Commission’s website www.comcom.govt.nz under Public Registers.

ENDS

© Scoop Media