SummaryRank Group Investments Ltd proposes to acquire International Paper Company's 50.5 % stake in Carter Holt Harvey Ltd. Pursuant to New Zealand takeover law, Rank Group Investments Ltd must make a full takeover offer if International Paper Company accepts Rank Group's offer.
Market definitionThe Commission did not consider it necessary to form a definitive view on the relevant markets given that there is no overlap in the operations of Rank Group (whose interests in Australia are limited to a stake in Burns Philp) and Carter Holt Harvey. Burns Philp is involved in the production and distribution of food ingredients, and branded food and beverage products. Carter Holt Harvey is involved in timber, paper and cardboard production.
Competition analysisGiven that there is no overlap in the operations of the Rank Group (and related companies) and Carter Holt Harvey, the Commission considered that the proposed acquisition would be unlikely to result in a substantial lessening of competition in any market.