| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 June 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in DuluxGroup Limited, the value of the assets of DuluxGroup Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | Market value is unquantified. (The consolidated book value of total assets in New Zealand was approximately $261,809,000 as at 30 September 2018.) |
| Applicant | Nippon Paint Holdings Co., Ltd Japanese Public (41.41%) Hong Kong Public (39.10%) United Kingdom Public (8.72%) French Public (4.18%) United States Public (2.80%) Singapore Public (2.33%) Various overseas persons (1.46%) |
| Vendor | Existing shareholders of DuluxGroup Limited Australian Public (98.03%) Various overseas persons (1.97%) |
| Background | The Applicant is a Japanese company that develops, manufactures, and sells paint, coating/treatment products, and fine chemical products. DuluxGroup Limited manufactures, sells and distributes paint, adhesive and building products. DuluxGroup is the parent company of a number of New Zealand entities and is a well-known business operating in this sector. The Applicant does not currently intend to operate the DuluxGroup business any differently from its existing business operations. 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 Private Bag 92518 AUCKLAND 1141 |