Forum Archive Index - May 2001

["David" <davida@wave.co.nz>]

Just saw this  guess its good news for all our rbc fans

Dave



RBC23/05/2001GENREL: 1641 HRS Rubicon LimitedGEN: RBC: CALTEX SEEKS
CLEARANCE TO ACQUIRE CHALLENGEThe Commerce Commission has received an
application from Caltex New ZealandLimited to acquire up to 100 percent of
the shares in Challenge PetroleumLimited (CPL).Caltex has wide-ranging
interests in the petroleum industry in New Zealand,and is ultimately owned
by United States-based oil companies Texaco Inc andChevron Corporation.CPL
is involved in the importation and distribution of petroleum products
to"Challenge" branded service stations.  It is owned by Rubicon
Limited,which is a company formed to hold certain assets formally owned by
theFletcher Challenge Group.  Rubicon is publicly listed with a large number
ofshareholders.The Director of the Commission's Business Competition Branch,
Geoff Thorn,said that the Commission must determine what markets are
relevant to theproposal, and then assess what impact the proposal would have
on thosemarkets.The Commerce Act prohibits business acquisitions that result
in dominancebeing acquired or strengthened in any market.  The Commission
will give aclearance if it is satisfied that dominance is not acquired or
strengthened.The Act gives the Commission 10 working days in which to make
its decision,but allows for extensions of time if necessary.  The Commission
is due tomake its decision on June 20.End CA:00067280 For:RBC    Type:GEN
Time:2001-05-23:16:41:44 Encrypt


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