Elite Truck Rentals cleared to acquire ORIX

Media Release

Issued 1 March 2007/no 103

Elite Truck Rentals Limited cleared to acquire ORIX Truck Rentals

The Commerce Commission has cleared Elite Truck Rentals Limited (Elite) to acquire 100% assets of ORIX Truck Rental (ORIX), a division of ORIX New Zealand Limited.

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 any of the relevant markets.

ORIX is a wholly-owned subsidiary of ORIX Australia Corporation Limited, which is in turn a wholly-owned subsidiary of the ORIX Corporation of Japan, a major international finance company.

In New Zealand, ORIX commenced business operations in 1994 and currently provides fleet leasing services for all types of vehicles and rental services for commercial vehicles throughout the country.

Elite is a privately owned company that has not yet traded. Elite has strong shareholding, management and familial relationships with TR Group Limited. TR Group is a family owned business that leases and rents trucks and trailers. TR Group has offices in Auckland, Whangarei, Wellington, Tauranga, Hamilton, Napier, Palmerston North, Christchurch and Dunedin.

A public version of the written decision will be available as soon as practicable on the Commission’s website, www.comcom.govt.nz, under Public Registers.

ENDS

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