| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 August 2014 |
| Investment | An overseas investment in significant business assets, being the Applicant’s merger with Familien Porsche-Kiesling Beteiligung GmbH, with the Applicant being the surviving entity. The merger will result in the Applicant acquiring a 25% or more ownership or control interest in Porsche Automobil Holding SE. The value of the New Zealand assets of Porsche Automobil Holding SE, including its 25% or more subsidiaries, exceeds $100m. |
| Asset value | $253,870,000 |
| Applicant | Familie Porsche Beteiligung GmbH Hans-Peter Porsche GmbH, Germany (30.74%) Wolfgang Porsche GmbH, Germany (30.74%) PP 1330 GmbH, Germany (19.26%) PP 1320 GmbH, Germany (19.26%) |
| Vendor | Familien Porsche-Kiesling Beteiligung GmbH Ferdinand Alexander Porsche GmbH, Germany (33.58%) PP 1420 GmbH, Germany (21.04%) Gerhard Porsche GmbH, Germany (17.22%) PP 1340 GmbH, Germany (11.07%) Louise Kiesling GmbH (formerly Louise Daxer-Piech GmbH), Germany (9.63%) PP 1440 GmbH, Germany (7.46%) |
| Background | The merger is one of a series of steps in a proposed reorganisation of the direct and indirect shareholdings of various Porsche and Kiesling family members in Porsche Automobil Holding SE. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Craig/Amon Nunns Bell Gully PO Box 4199 AUCKLAND 1140 |