Friday 13th June 2014
|Text too small?|
The Commerce Commission has again delayed its final decision on Australia's largest undertakers buying Chritchurch's 70-year-old Cremation Society of Canterbury to add two crematoriums to its New Zealand network.
The decision was due today but has been pushed out for a third time to Friday July 4. The antitrust regulator is mulling the application of Bledisloe New Zealand, the local funeral services arm of Australia’s InvoCare, to buy the society that owns Harewood Memorial Gardens & Crematorium and Woodlawn Memorial Gardens and Crematorium in Christchurch.
Bledisloe already owns three Christchurch funeral parlours and a headstone maker although it has no capacity to cremate bodies in the city.
ASX-listed InvoCare set up its New Zealand subsidiary in 2007 and bought Bledisloe in 2010 for an enterprise value of A$114 million. The group has been expanding its New Zealand holdings, acquiring four funeral parlours last year, bringing its total to 29 businesses across the country.
In 2013 New Zealand sales were A$32 million with a 19 percent margin although the company estimated a 1.9 percent decline in deaths during 2013, according to InvoCare’s annual report.
No comments yet
Balanced consenting framework needed for renewables - Meridian
Lumpy imports drive bigger July trade deficit than expected
Freightways' net profit rises despite NZ slowdown
National floats company tax cut, recommits to higher pension age
Metlifecare lifts underlying annual net profit 4%
Chorus CEO McKenzie to leave this year as operating earnings decline as expected
Supreme Court to hold oral hearing on Synlait's Pokeno appeal
Meridian posts record profit on high production, prices
Intuit on track to overtake Xero outside the US
Fasten seatbelts for the Trump twitter-storm fallout