Overseas investment decision for case 201310038 - Hawk Acquisition Holding Corporation

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the issued share capital of H. J. Heinz Company which owns or controls:

• a freehold interest in approximately 11.2597 hectares of land at 255 Shands Road, Hornby South, Christchurch; and
• a freehold interest in approximately 61.5108 hectares of land at 320 Shands Road, Hornby South, Christchurch; and
• a leasehold interest in approximately 6.3037 hectares of land at Elwood Road, Hastings; and
• a leasehold interest in approximately 10.3759 hectares of land at 430 Napier Road, Havelock North; and
• a freehold interest in approximately 14.9500 hectares of land at 1400 Tomoana Road, Hastings.

An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being H. J. Heinz Company (New Zealand) Limited.

A subsidiary of the Applicant will merge into H.J. Heinz Company. Following the merger, the H.J. Heinz Company will be the surviving corporation.

The owners of the Applicant consider that the investment represents a good investment opportunity with significant long-term growth prospects.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations