Heartland states MTF interest

Heartland New Zealand Ltd (HNZ) notes Motor Trade Finances Ltd (MTF) has issued a release as to “confidential and preliminary approaches” made to its board regarding the possibility of HNZ acquiring MTF”. HNZ confirms in an announcement to the NZX on July 21 that it could be interested in acquiring the business of MTF if the shareholders, franchisees and dealers of MTF were receptive to a proposal, and if the existing issues between MTF and the Commerce Commission as to loan fees are substantially resolved. READ: MTF statement on Heartland The company says in a statement: “HNZ does not have sufficient information to comment on the value it would place on that business, or the timing or structure of any acquisition if a proposal was welcomed.”