TPI applies to acquire Enviro Waste Services

Media Release

09 January 2007

Transpacific Industries applies for clearance to acquire Enviro Waste Services

The Commerce Commission has received an application from Transpacific Industries Group (NZ) Limited (TPI) seeking clearance to acquire the South Island assets and businesses of Enviro Waste Services Limited and up to 50 per cent of the shares in Manawatu Waste Limited. These companies are involved in waste collection, recycling and disposal in New Zealand.

TPI is a wholly owned subsidiary of Australian listed Transpacfic Industries Group. Enviro Waste is a wholly owned subsidiary of Fulton Hogan. Manawatu Waste is a joint venture that collects and disposes of waste in a region extending from New Plymouth to Dannevirke and from Taupo to the Kapiti Coast. Enviro Waste owns 50 per cent of Manawatu Waste.

Fulton Hogan recently sold Enviro Waste to Ironbridge, an Australian private equity provider. It has been announced that Ironbridge has agreed to sell the South Island assets of Enviro Waste and its share of Manwatu Waste to TPI. Ironbridge will retain the balance of Enviro Waste's assets and businesses not sold to TPI.

The South Island assets of Enviro Waste include ownership of 50 per cent of Canterbury Waste Services, a joint venture with TPI that partially owns, and is contracted to operate, the Kate Valley landfill in North Canterbury.

In considering the application, the Commission's role is to determine whether the acquisitionwould be likely to have the effect of substantially lessening competition in a market.

A public version of the application is available on the Commission's website www.comcom.govt.nz under Public Registers.

ENDS

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