Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
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Decision date | 15 November 2013 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Five Star Beef Limited which owns or controls:
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Consideration | $9,040,500 |
Applicant | ANZCO Foods Limited Itoham Foods Inc, Japan (48.28%) New Zealand Public (26.52%) Nippon Suisan Kaisha Limited, Japan (25.17%) Toyotsugu Matsuzawa, Japan (0.03%) |
Vendor | Itoham Foods Inc Japan (100%) |
Background | ANZCO Foods Limited, one of New Zealand’s largest meat companies, seeks to increase its shareholding in Five Star Beef Limited from 50% to 100%. This will result in Five Star Beef Limited becoming a wholly owned subsidiary of ANZCO Foods Limited, and will increase New Zealand ownership and governance of Five Star Beef Limited. ANZCO Foods Limited has made substantial previous investments in New Zealand, and has a significant number of employees and a large exporting business. The Investment is also likely to lead to some efficiencies when Five Star Beef Limited is consolidated into the Applicant’s business. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
More information | Rob McInnes Crengle Shreves & Ratner PO Box 10236 WELLINGTON |