Applicant
Bapcor Finance Pty Limited
Case number(s)
201620049
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision Date14 December 2016
Investment

An overseas investment in sensitive land, being Bapcor Finance Pty Limited’s (the “Applicant”) acquisition (via one or more transactions) of:

  • rights or interests in up to 100% of the shares of Hellaby Holdings Limited (“Hellaby”), which owns or controls a leasehold interest in approximately 0.4 hectares of land at 2 Mahunga Drive, Auckland; and
  • a contingent right to be issued Hellaby shares of up to $2.85 million in value, with the number of shares to be issued determined with reference to Hellaby’s volume weighted average market price during a specified period (“TBS Right”) and any ordinary shares of Hellaby issued pursuant to the TBS Right.
ConsiderationApproximately $353 million
ApplicantBapcor Finance Pty Limited
Australian Public (64.1%)
Various overseas persons (18.5%)
North American Public (11%)
European Public (3.2%)
United Kingdom Public (1.8%)
Asian Public (1.4%)
VendorExisting Shareholders of Hellaby Holding Limited
New Zealand Public (53.57%)
Castle Investments Limited, New Zealand (27.2%)
Accident Compensation Corporation (9%)
FNZ Holdings New Zealand Limited, New Zealand (3.5%)
Forsyth Barr Custodians Limited, New Zealand (3.1%)
Citibank Nominees (NZ) Limited, New Zealand (2.5%)
Australian Public (0.864%)
Various overseas persons (0.179%)
United Kingdom Public (0.087%)
Background

The Applicant’s parent company (Bapcor Limited or “Bapcor”) is listed on the Australian Securities Exchange. Bapcor operates in the trade, retail and specialist wholesale segments of the motor vehicle after market.

The Applicant has made a full takeover offer for Hellaby, for the purposes of acquiring Hellaby’s automotive division. If successful, the takeover offer will result in the creation of a number of new full time equivalent jobs, the introduction into New Zealand of efficiency-enhancing technologies, improved operational efficiencies and the introduction of new capital expenditure over the next 3-5 years.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(iv) – Greater efficiency
17(2)(a)(v) – Additional investment for development purposes

More informationAndrew Petersen
Bell Gully 
PO Box 4199
Auckland 1140
Last updated