| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 13 September 2024 |
| Pathway | Significant business assets only |
| Investment | 25% of the shares in Yashili International Holdings Ltd (Cayman Islands company number CT-241511) by way of a purchase from Danone Asia Baby Nutrition Pte Ltd. 24% of the shares in Yashili International Holdings Ltd by way of a Scheme of Arrangement. |
| Consideration | Approximately $579,000,000 |
| Applicant | China Mengniu Dairy Company Limited Hong Kong (SAR) 24% People’s Republic of China 23% United Kingdom 16% United States of America 15% Denmark 5% Various 17% |
| Vendor | Danone Asia Baby Nutrition Pte Ltd United States of America 51% Europe 19% France 15% United Kingdom 10% Various 5% |
| Background | The Applicant is a Cayman Islands incorporated company listed on the Stock Exchange of Hong Kong. The Applicant beneficially owned by food processors China Oils and Foodstuffs Corporation and various institutional investors. As part of a wider international transaction the Applicant has increased its shareholding in Yashili International Holdings Limited from approximately 51% to 100% by way of two transactions, the Danone Transaction and the Scheme of Arrangement (Transactions). The Applicant did not obtain consent under the Overseas Investment Act 2005, therefore this was a retrospective application for consent for the Transactions. Consent was granted as the Applicant has met the investor test criterion. |
| More information | Martin Thomson DLA Piper New Zealand www.dlapiper.com |
| Retrospective penalty | $40,000 |