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Business Desk

Buller Electricity to team up with Pioneer Generation in Pulse takeover bid


By Paul McBeth Sept. 18 (BusinessDesk) – Lines companies Buller Electricity and Pioneer Generation plan to mount a takeover of electricity retailer Pulse Energy, though haven’t settled on an offer price yet. Pulse Energy was told by its 56 percent shareholder Buller Electricity that the West Coast-based lines company will …

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Solid Energy creditors vote in favour of 2 1/2-year wind-down plan


By Suze Metherell Sept. 17 (BusinessDesk) – Creditors of New Zealand’s failed state-owned coal miner Solid Energy have voted in favour of an orderly sell down over the next 2 1/2 years, rejecting a last minute foreign bidder’s request to delay the watershed meeting ahead of a possible buyout. Korda Mentha …

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Bennett denies scuttling of Lochinver sale was political; decision raises questions for future OIO rulings


By Paul McBeth and Jonathan Underhill Sept. 17 (BusinessDesk) – Associate Finance Minister Paula Bennett says the government’s decision to reject the Overseas Investment Office’s recommendation on the sale of Lochinver Station to Shanghai Pengxin wasn’t political and ultimately she wasn’t convinced the deal provided enough benefit to New Zealand. The …

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NZ economy grows less than expected as agriculture, mining rebound


By Paul McBeth Sept. 17 (BusinessDesk) – New Zealand’s economy accelerated by less than expected in the second quarter, with agriculture and mining recovering from a weak start to the year. The kiwi dollar dropped almost half a US cent. Gross domestic product grew 0.4 percent in the three months ended June …

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Alternative bidder emerges for Solid Energy


By Pattrick Smellie Sept. 17 (BusinessDesk) – A New South Wales-based mining investor, Mach Energy, is expected to make an alternative bid for distressed state-owned coal miner Solid Energy at today’s ‘watershed’ meeting of creditors in Christchurch this morning. BusinessDesk reliably understands Mach will seek a 30 day delay to …

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Solid Energy insolvent, bank creditors support orderly selldown


Solid Energy’s banking backers can expect to get back between 35 cents and 40 cents in the dollar under a Deed of Company Arrangement that will allow the insolvent state-owned coal miner to be wound up and its saleable assets disposed of over the next two and a half years. A …

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NZX accredits US firm Straits Financial for dairy derivates market


NZX, New Zealand’s stock market operator, has accredited US-based Straits Financial to access its growing dairy derivatives market. Straits has been accredited as a general clearing, trading and advising participant for the NZX dairy derivatives market, the first US clearing member to receive approval since authorisation was granted from the US Commodity …

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Fonterra confirms proposed coal mine at Mangatangi is on hold


By Fiona Rotherham Sept. 9 (BusinessDesk) – Fonterra Cooperative Group, the country’s largest milk processor, has confirmed it has put on hold a proposed coal mine at Mangatangi while it assesses its energy options. The Coal Action Network Aotearoa (CANA), which is trying to stop coal mining in New Zealand, …

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