| Decision | Consent granted Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 February 2014 |
| Investment | An overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m. |
| Total cost of development | $212,000,000 |
| Applicant | China Mengniu Dairy Company Limited which is listed on the Hong Kong stock exchange |
| Background | Yashili New Zealand Dairy Co., Limited (Yashili) is currently constructing a milk processing plant in the Waikato town of Pokeno (pursuant to application 201220086). The plant will manufacture paediatric milk powder products. Pursuant to a share offer launched in July 2013, the Applicant controls approximately 68.02% of Yashili. The Applicant, as the majority shareholder of Yashili, intends to continue to construct the milk processing plant in Pokeno, via its subsidiary Yashili. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Martin Thomson/Pavanie Edirisuriya DLA Phillips Fox PO Box 160 AUCKLAND |