Carter Holt eyes NI forests

By Phil Boeyen, ShareChat Business News Editor

Friday 30th March 2001

Forest products company Carter Holt Harvey (NZSE: CAH) is keeping its options open about whether it will try to buy the disputed assets of the Central North Island Forestry Partnership.

CAH has applied to the Commerce Commission for clearance of a possible acquisition of the assets, jointly owned by Fletcher Forests (NZSE: FFS) and Chinese-owned Citic.

The partnership is in receivership after failing to meet financial targets required by its bankers.

Carter Holt CEO, Chris Liddell, says despite the application for clearance the company currently has no plans to acquire the central North Island forests.

"This is simply a step that we often take to keep our options open."

Last week CAH agreed to purchase the Tasman Mill's pulp business from Norwegian paper giant, Norske Skog, which had picked up the asset when it acquired Fletcher Paper last year.

CAH has previously been given Commerce Commission clearance to buy the CNIFP assets, then called the Kaiangaroa Forestry Assets, when the Government originally tendered them for sale in 1995.

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