KEY POINTS:
Carter Holt Harvey has been given Commerce Commission approval to buy the sawn timber business of Lakesawn Lumber.
The commission said last week that purchasing Lakesawn, owned and controlled by Paul Pedersen and the Pedersen Commercial Trust, would not substantially lessen competition in any of the relevant markets.
In its application, Carter Holt said the purchase of Lakesawn's timber stock, customer lists, supply contracts, and certain plant and machinery would cut costs and improve efficiency.
Pedersen will retain its core business, the provision of support services to the timber industry. It currently supplies Carter Holt with woodchip, log yard services at Kawerau, roundwood, and chipping and debarking at Kinleith.
The Commerce Commission said it was also continuing an investigation into Carter Holt Harvey's December acquisition of Whangarei sawmill, TDC Sawmills. Since Graeme Hart took control of Carter Holt for $3.3 billion, he has sold 200,000ha of forests, bought a timber merchant, sold a business in China, and has bought Swiss packaging giant SIG and International Paper's drinks packaging business.
