| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 May 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in each of New Zealand New Milk Limited, New Zealand New Milk Brands Limited, and New Zealand New Milk Trading Limited via its wholly-owned subsidiary Sanulac Oceania Pty Ltd. The combined value of the assets of New Zealand New Milk Limited, New Zealand New Milk Brands Limited, and New Zealand New Milk Trading Limited is greater than $100 million. |
| Consideration | $136,127,146 |
| Applicant | B.S.A. International France (100%) |
| Vendor | Aspen Pharmacare Holdings Limited New Zealand New Milk Brands Holdings Limited |
| Background | The Applicant is part of the Lactalis dairy company, one of the largest dairy products groups in the world that is based in France. The Applicant plans to acquire the shares in the three companies as part of a series of transactions under a global acquisition agreement, in which it will acquire the business and assets of a number of companies, which relate to the production, export, and sale of infant nutritionals in a number of countries. 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 | Geoff Hosking Anthony Harper PO Box 2646 AUCKLAND 1146 |