| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 1 November 2016 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the issued share capital of Vitaco Holdings Limited, the value of the New Zealand assets of Vitaco Holdings Limited and its 25% or more subsidiaries being greater than $100m. |
| Value of New Zealand Assets | $179,623,000 (as at June 2016) |
| Applicant | Primavera Capital Fund II L.P. and Shanghai Pharmaceuticals Holding Co., Ltd Various overseas persons (35.548%) China Public (23.772%) Shanghai Industrial Investment (Holdings) Co., Ltd, Shanghai Shangshi (Group) Co., Limited, and Shanghai Pharmaceutical (Group) Co., Ltd (21.312%) United States Public (14.088%) Cayman Islands Public (5.28%) |
| Vendor | Existing shareholders of Vitaco Holdings Limited Various overseas persons (36.75%) Australian Investors, Australia (25.86%) Westpac Banking Corporation, Australia (10.63%) BT Investment Management Limited, Australia (9.87%) New Zealand Public (5.9%) United Kingdom Public (5.82%) Commonwealth Bank of Australia, Australia (5.17%) |
| Background | The Applicant sought consent to acquire 100% of the issued share capital of Vitaco Holdings Limited (Vitaco) from the existing shareholders via a Scheme of Arrangement in Australia. The Applicant considers that the principal factors underlying its decision to invest in Vitaco are Vitaco’s market leading position, expansion initiatives and new product development and branding practices. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Graeme Quigley Russell McVeagh PO Box 8 AUCKLAND |