| Decision number | 200520103 |
|---|---|
| Application number | 200120116/200520143 |
| Date | 19 December 2005 |
| Offeror/applicant | Goodyear Tire and Rubber Company of United States of America |
| Ultimate applicant beneficial ownership | EDIT |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Pacific Dunlop Tyres Pty Limited 100 percent - Australia, Ansell Limited (formerly known as Pacific Dunlop Limited (Australia)) |
| Business activities | The manufacturing, importing, wholesaling and retailing, fitting and servicing of motor vehicle tyres, tubes, batteries and other associated automobile products and services. |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $7,704,200 |
| Consent Sought - 1995 Regs | To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of South Pacific Tyres NZ Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. The proposal is for the Applicant to acquire the 50 percent holding of Pacific Dunlop Holdings (NZ) Limited (PDL) in South Pacific Tyres NZ Limited (SPTNZ) so that SPTNZ becomes a wholly owned subsidiary of the Applicant. This proposal is a result of restructuring of the present partnership in Australia and New Zealand. PDL has recently sold a number of its substantial and successful business assets in order to retire corporate debt. The Applicant is the World's leading tyre company and has been in business in New Zealand since prior to 1917 and since 1987 has been involved in SPTNZ. Since that time it has provided technology and business skills to SPTNZ. The proposal will ensure a continuation of the benefits already provided to SPTNZ. |
| Contact | Dan Stevenson Izard Weston PO Box 5348 WELLINGTON |