Applicant
Baywa Aktiengesellschaft
Case number(s)
201120077
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision date5 March 2012
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests up to and including 100% of the shares and options to acquire shares of Turners and Growers Limited which owns or controls:

  • a leasehold interest in 195.0650 hectares of land in the Bay of Islands, Riwaka and Doubtless Bay areas; and
  • a freehold interest in 751.8604 hectares of land in the Far North, Waikato, Hastings and Nelson Districts.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests up to and including 100.0% of the shares and options to acquire shares of Turners and Growers Limited, the consideration of which exceeds $100m.

Consideration$217,300,000 (for 100% of the shares and options)
ApplicantBaywa Aktiengesellschaft
Various overseas persons (39.81%)
Bayerische Raiffeisen-Beteilgungs AG, Germany (35.15%)
Raiffeisen Agrar Invest GmbH, Austria (25.04%)
VendorShareholders of Turners and Growers Limited
New Zealand Public (46.9604%)
Various overseas persons (40.5696%)
Pacific Fruit Group, United States of America (12.47%)
Background

BayWa intends to improve the operational performance and competitiveness of Turner and Growers Limited which will provide benefits to stakeholders, growers and the New Zealand economy.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

More informationDavid G Boswell
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140