The Commerce Commission said today it had cleared Cavalier Corp and Norman Ellison Holdings to form a joint venture company that will acquire the carpet businesses of Norman Ellison and its subsidiaries. Commission chair Paula Rebstock said the watchdog was satisfied the proposed acquisition would not substantially lessen competition in any relevant market.
Auckland-based Cavalier manufactures and distributes broadloom carpets to domestic and export markets.
Norman Ellison is a privately owned and operated yarn and carpet manufacturer with tufting machinery and a yarn spinning plant in Auckland. It manufactures a range of carpets marketed under the Norman Ellison carpets brand in New Zealand and Australia. Cavalier shares were untraded today, having last traded at $3.13. They have traded between $2.96 and $3.62 in the last year.
