| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 October 2020 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of securities that results in an increase in an existing more than 25% ownership interest in a person whose New Zealand assets exceed $100 million. |
| Consideration | The investment involves the acquisition of 148.7m shares of the Vendor which indirectly owns New Zealand assets whose value exceeds $200,000,000, resulting in the Applicant and associated persons owning almost 60% of the Vendor’s shares. |
| Applicant | Wuthelam Holdings Limited Singapore (100.00%) |
| Vendor | Nippon Paint Holdings Co., Ltd Japan (41.44%) Hong Kong (39.13%) United Kingdom (9.16%) France (4.90%) United States of America (2.98%) Singapore (0.74%) Various (1.65%) |
| Background | The Vendor owns DuluxGroup Limited, which is the Australian parent company of a number of NZ businesses, including the Dulux, Selleys and Yates brands. By acquiring shares in the Vendor, the Applicant’s investment has downstream effects on the ownership of these NZ assets. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Michael Pollard Simpson Grierson (Auckland) Private Bag 92518 AUCKLAND 1141 |