| Decision number | 200520089 |
|---|---|
| Application number | 200520121 |
| Date | 24 November 2005 |
| Offeror/applicant | Versacold Holdings Corp. |
| Ultimate applicant beneficial ownership | 100 percent - Canada, Canadian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | P & O Australia Limited 100 percent - United Kingdom, Peninsula and Oriental Steam Navigation Company |
| Business activities | Transport & Storage - Storage |
| Details of land involved | 1.9834 hectares of leasehold situated at 1 Smarts Road, Hornby, Christchurch being CT CB48B/948 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $60,000,000 |
| Consent Sought | To acquire up to 100 percent of the securities of P & O Cold Logistics New Zealand Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant (Versacold) is one of North America's leading suppliers of public refrigerated warehousing and distribution services. The proposed acquisition is part of a global transaction between P&O Australia Limited (POAL), P&O America Inc (POA), and Versacold, whereby Versacold will acquire all the share capital in the temperature controlled logistics businesses operated by subsidiaries of POAL and POA in Australia, Argentina, the United States of America, and New Zealand. The proposal is likely to result in the following benefits:
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| Contact | Lisa Carbines/Craig Nelson Simpson Grierson Private Bag 92518 AUCKLAND |