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Meat processor Anzco Foods has been given the green light to purchase Greenlea Group in a deal worth about $800 million.
The Commerce Commission granted clearance for the acquisition after finding it is unlikely to substantially lessen competition in any New Zealand market.
“Our investigation indicated that the merged entitywill face sufficient competitive constraint in the acquisition of cattle for processing and supply of processed beef products, beef by-products and rendered products by the presence of other existing competitors,” commission chairman Dr John Small said.
“We do not consider that the acquisition will change conditions in any relevant acquisition or supply markets such that co-ordination is more likely.”
The deal includes Greenlea Premier Meats and Greenlea’s interest in the Waitoa Estate and its associated businesses.
The enlarged group would form a more resilient and more diversified red meat business that combined the best of both businesses.
Anzco, owned by Japan’s Itoham Yonekyu Holdings, is one of New Zealand’s largest exporters with an annual turnover of $2.2 billion and nearly 3000 employees globally.
Greenlea is owned by the Egan family and has grown to be New Zealand’s fourth-largest beef exporter with an annual turnover of $600m and more than 500 staff.
The Heraldpreviously reported Itoham Yonekyu Holdings revealed the purchase price of ¥76b (about $800m) in a filing to the Tokyo Stock Exchange in June.
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