Helenus approval
NZPA Wellington The Commerce Commission has cleared the BHP-led Helenas Corporation bid to buy up to 100 per cent of New Zealand Steel. If the take-over goes ahead it will effectively merge steel production in
If the take-over goes ahead it will effectively merge steel production in Australia and New Zealand. The Broken Hill Proprietary Company of
Australia has a 31 per cent stake in Helenus and a subsidiary, Steel and Tube Holdings has another 25% stake. The Commission’s deputy chairman, Mr Berrie Tucker, said the Commission had initially declined to give permission on August 16 because it was concerned that imports from Third World countries might not offer sufficient competition in the steel market.
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Press, 1 September 1989, Page 17
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117Helenus approval Press, 1 September 1989, Page 17
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