| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 August 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to (and including) 90% of the ordinary shares of The New Zealand Wine Company Limited which owns or controls various freehold and leasehold interests in 149.5219 hectares of sensitive land located in Marlborough (the Investment). |
| Consideration | Cash and non-cash consideration equal to $48,114,541 for 80% of the ordinary shares of The New Zealand Wine Company Limited |
| Applicant | Foley Family Wines Holdings, New Zealand Limited (and associates that comprise the relevant overseas person’s group) United States of America (at least 90%) New Zealand and potentially other nationalities (not more than 10%) |
| Vendor | The New Zealand Wine Company Limited New Zealand Public (98%) Various overseas persons (2%) |
| Background | The overseas investment transaction will result in a merger of the businesses of The New Zealand Wine Company Limited and Foley Family Wines NZ Limited. This merger will provide access to the Applicant's distribution networks (in the United States and elsewhere) and to further capital to secure current business operations and facilitate future growth of the merged businesses. 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 | Cathy Quinn Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |