fbpx
Print this page
Friday, 24 June 2016 12:25

Cavalier Wool disappointed with new appeal

Written by 

Cavalier Wool Holdings (CWH) is 'disappointed but not surprised'.

Australian owned carpet maker Godfrey Hirst has made the decision to launch another appeal against CWH's proposal to merge its wool scouring operations with NZ Wool Services International (NZWSI).

"There is currently excess wool scouring capacity in New Zealand, this proposal is about consolidating assets and realising efficiencies in order to keep wool processing in the country longer term," it says in a statement.

"We want to avoid what has happened with off-shoring of scouring in Australia and instead create a single, internationally competitive wool processing entity in New Zealand.

"It is disappointing that despite the Commerce Commission ruling in favour of the merger and Godfrey Hirst recently losing an appeal against this in the High Court they have chosen to continue to draw this out and launch yet another appeal." CWH is owned by Cavalier Corporation, the Accident Compensation Corporation (ACC) and local private equity firm Direct Capital.

"Under the merger proposal CWH NZ shareholders will have the majority shareholding with 55% of the merged company and Lempriere (international parent owners of NZWSI) 45%. Lempriere will need Commerce Commission approval to increase its shareholding beyond 45%."

More like this

Featured

Ah Tatua, You've Done It Again!

Waikato milk processor Tatua has again declared a record milk payout to farmer shareholders, leaving other processors in the dust.

India FTA Unites NZ First, Greens

National’s much-touted free trade deal with India featured in the Rural Issues Debate at Mystery Creek, Hamilton on Wednesday night.

2026-27 Fishing Season Opens Across New Zealand

New Zealand's 2026-27 freshwater fishing season has opened, with anglers encouraged to head to rivers and lakes over the coming days as conditions look favourable across much of the country.

CODC Rejects Plan to Spread Sludge on Lauder Farmland

Central Otago District Council (CODC) has voted against a plan to spread treated sewage sludge from Cromwell and Alexandra on farmland near Lauder, a decision Federated Farmers says reflects strong opposition from rural residents.

National

Machinery & Products