| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 02 March 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.6802 hectares of land at 7 & 9 Tokomaru Place and 20 Elms Street, Nelson. |
| Consideration | CONFIDENTIAL |
| Applicant | Viridian Glass Limited Partnership Australian Public (56.4688%) Euroglass Systems Limited, New Zealand (42.0%) United Kingdom Public (1.0614%) New Zealand Public (0.3538%) Various (0.116%) |
| Vendor | Tasman Glass Limited Euroglass Systems Limited, New Zealand (100.0%) |
| Background | Euroglass Systems Limited (“Euroglass”) and CSR Viridian (New Zealand) Limited (“CSR NZ”) operate glass processing businesses in New Zealand. The assets of Euroglass include a glass processing facility in Nelson which is located on leased premises in an industrial estate (the “Leasehold Interest”). Euroglass and CSR NZ are seeking to merge their businesses in order to rationalise excess capacity, remove duplication and generally improve the efficiency of their operations. The proposed merger involves each company selling their business and assets (including, in the case of Euroglass and its subsidiaries, the Leasehold Interest) to the Applicant in return for cash consideration and being issued a partnership interest. The Applicant will then continue as the joint venture entity. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Silvana Schenone Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |