| Decision number | 200620003 |
|---|---|
| Application number | 200610115 |
| Date | 7 July 2006 |
| Offeror/applicant | GE Fleet New Zealand |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, General Electric Company |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Bank of New Zealand 100 percent - Australia, National Australia Bank Limited |
| Business activities | Property & Business Services - Business |
| Details of land involved | 2.0234 hectares of leasehold situated at 50 Morrin Road, Mt Wellington, Auckland being CT 198186 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $142,948,450 |
| Consent Sought | To acquire up to 100 percent of the shares of Custom Fleet (NZ) Limited. |
| Rationale | The application has been approved as it met the criteria. The Applicant is part of the General Electric Company (General Electric) group. General Electric which is listed on the New York Stock Exchange operates a wide range of manufacturing and service divisions internationally though six business units, GE Infrastructure, GER Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare, and GE Consumer Finance. GE Fleet New Zealand (GEFNZ) proposes to acquire 100 percent of Custom Fleet (NZ) Limited (Custom Fleet) from the Bank of New Zealand. Ultimately the Custom Fleet business will be amalgamated with fleet leasing and management business of GE Capital Fleet Services New Zealand Limited (GECFSNZ), a related company to GEFNZ. The proposed acquisition is part of an acquisition of the Custom Fleet businesses in New Zealand, Australia and the United Kingdom. The acquisition of Custom Fleet is an opportunity for GECFSNZ to expand its New Zealand business and extend the range of financial products and fleet services it offers to its customers. The proposal is likely to result in the following benefit:
|
| Contact | Stephen Lowe/Justine Tuite/Joelle Wales Chapman Tripp P O Box 2206 AUCKLAND |