By Phil Boeyen, ShareChat Business News Editor
|
Thursday 29th November 2001 |
Text too small? |
The Commerce Commission says it has received an application from New Zealand Bus Limited, commonly known in the Wellington region as Stagecoach, for clearance to be a 50% shareholder in a joint venture with Wellington Regional Council to acquire 100% of the assets of Tranz Metro (Wellington).
"The joint venture is yet to be established, but it seeks to acquire the assets of Tranz Metro. Those assets are still to be resolved, and will depend on the negotiation between the Crown and Tranz Rail Limited," the Commission says.
"In essence, it will include the exclusive rights to operate the suburban commuter train network within the greater Wellington region, including the Wairarapa region."
New Zealand Bus is the 100% holding company for Wellington Transport Limited, Cityline (NZ) Limited and Transportation Auckland Corporation Limited. The company operates the New Zealand bus businesses known as Stagecoach Wellington, Cityline Hutt Valley and Stagecoach Auckland.
New Zealand Bus is, in turn, a wholly owned subsidiary of Stagecoach Group in the United Kingdom.
Tranz Rail is selling the Tranz Metro service as part of a restructuring which will see it focus on rail freight and interisland ferries and drop all rail passenger services.
No comments yet
