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NZ Commerce Commission investigating Fletcher Building

New Zealand’s Commerce Commission is investigating allegations of anti-competitive behaviour in the Auckland commercial timber market, but Fletcher Building says it doesn’t expect to face enforcement action. Sources: Yahoo NZ, The New Zealand Herald

The NZX-listed construction products company revealed the probe by the competition regulator in a brief statement to the stock exchange, and the commission confirmed it was investigating but would reveal no further details.

The Fletcher statement said the company was cooperating with the commission and providing information on “some pricing activity in the Auckland timber market.”

“The company does not expect the commission will take any enforcement action against the company or any of its subsidiaries.”

The inquiry comes a month after NZ Housing Minister Nick Smith and NZ commerce Minister Craig Foss announced the commission and the Ministry for Business, Innovation and Employment were conducting a market level study into residential construction costs. Dr Smith said it was a separate piece of work to the market level study.