| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 March 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 Oceania Dairy Limited which will either result in the Applicant (i) indirectly owning approximately 37.8990 hectares of freehold land at Morven (“the Land”), or (ii) indirectly owning the right to exercise an option to purchase the Land; and An overseas investment in significant business assets where the total expenditure expected to be incurred, before commencing the business, in establishing that business, exceeds $100 million. |
| Total cost of development | Approximately $214,000,000 |
| Applicant | Inner Mongolia Yili Industrial Group Co., Ltd China Public (89.82%) Hohhot Investment Co., Ltd, China Public (10.18%) |
| Vendor | Oceania Dairy Ltd New Zealand (100%) |
| Background | The Applicant is China’s market leading dairy products manufacturer. The Applicant proposes to construct a milk processing plant on the Land to produce base powder using various local suppliers of raw milk. The base powder will be exported to China and used in the production of infant milk formula. 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 Act 2005 Overseas Investment Regulations 2005 |
| More information | Robert McLean Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |