By NZPA
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Friday 7th March 2003 |
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Southern Capital chief executive Graeme Wong said his company was negotiating with Hirepool owner Owens Group, but had not finalised any details.
"It's a competitive tender process that they're running.... From our point of view we will try to buy it on terms that we're happy with, but if someone else wants to do something superior to that we would happily step aside," Mr Wong said.
No price has been made public.
Last year, Southern Capital bought a 50 percent stake in hire company Hirequip for $17.3 million, with the other half retained by the Dunedin family of managing director Stuart McKinlay.
"We see it as an attractive industry to be in, given our existing involvement, and we are looking at a range of different opportunities so whether we do or don't buy Hirepool, we will continue to evaluate opportunities as they arise," Mr Wong said.
Commerce Commission chairman John Belgrave said the commission was satisfied the proposed acquisition would not substantially lessen competition in the heavy construction, building, and `do it yourself' equipment hire services markets.
Hirepool has 22 branches in the Auckland, Waikato, Wellington and Christchurch regions.
Southern Capital's portfolio includes property developments and stakes in biotechnology companies.
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