mergers & acquisitions 
Carter Holt Harvey (CHH) is set to be sold to another New Zealand company, Rank Group Investments Limited. CHH was recently advised International Paper’s had entered a lock-in agreement to sell its 50.5 per cent stake in the Australasian forest products company for $2.50 per share.

The same offer will be made to existing shareholders, who will retain the benefits of the recently announced interim dividend.

CHH CEO Peter Springford was hesitant to comment as he had just received advice of the deal.

“It is premature for us to comment in any detail on it,” says Springford. “One very positive aspect for New Zealanders is that the bidder company is New Zealand owned.”

The takeover process will unfold over the next month, and Springford assures CHH and its board will act in the shareholders’ best interests.