| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 April 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in 49% of the shares in Yashili New Zealand Dairy Co. Limited. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
| Applicant | Danone Asia Pacific Holdings Pte. Ltd. United States Public (44.0%) French Public (20.0%) European Public (16.0%) Various overseas persons (7.0%) United Kingdom Public (7.0%) Swiss Public (6.0%) |
| Vendor | Yashili International Group Limited Hong Kong Public (34.9624%) Various overseas persons (19.6737%) United States Public (13.2233%) China National Cerials, Oils & Foodstuff Corporation, China, People's Republic of (8.3195%) Zhang Family, China, People's Republic of (6.39%) French Public (6.0106%) European Public (4.8085%) Arla Foods Limited, Denmark (2.7051%) United Kingdom Public (2.1037%) Swiss Public (1.8032%) |
| Background | The Applicant is a wholly owned indirect subsidiary of global food and beverage company Danone SA. Danone SA is a French-listed company retailing a wide range of food and beverage brands, including dairy and plant-based products, medical nutrition products and waters. The Investment involves the Applicant’s acquisition of further shares in Yashili New Zealand Dairy Co. Limited (Yashili NZ). Yashili NZ operates a production facility in Pokeno, Waikato. This land is not considered sensitive under the provisions of the Overseas Investment Act 2005. Danone SA currently has an indirect shareholding in Yashili NZ of around 30%. Following the Investment, they will hold an indirect shareholding in Yashili NZ of up to 65%. 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 | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |