| Decision number | 200610030 |
|---|---|
| Application number | 200610005 |
| Date | 15 March 2006 |
| Offeror/applicant | ANZ Terminals Pty Limited |
| Ultimate applicant beneficial ownership | 59.4625 percent - United Kingdom, Chan Tan Ching Fen 33 percent - United States of America, Doherty (Edward Denvir) 6.03 percent - United States of America, The Katherine D. Jacullo Children's 1993 Irrevocable Trust 1.5075 percent - United States of America, Widener (David) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Support Terminals Operating Partnership, LP 100 percent - United States of America, Valero, LP |
| Business activities | Transport & Storage - Storage |
| Details of land involved | 1.0061 hectares of freehold situated at 212-220 Gracefield Road, Lower Hutt, Wellington being CTs WN5C/323 and WN14A/1308 (Wellington Registry). |
| Regions involved | Auckland Wellington |
| Total consideration | $9,238,872 |
| Consent sought | To acquire up to 100 percent of the securities of Kaneb Terminals Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. ANZ Terminals Pty Limited (ANZT) has entered into an agreement with Support Terminals Operating Partnership, LP (STOP), which is the registered holder and beneficial owner of all the shares in Kaneb Terminals Limited (Kaneb), to acquire all the shares in Kaneb. By virtue of the acquisition, ANZT will also acquire an interest in properties located at Lower Hutt, Mt Maunganui, New Plymouth, and Auckland. The Lower Hutt and Auckland properties are sensitive land for the purposes of the Overseas Investment Act 2005. STOP owns and operates petroleum products, terminals, and pipelines in the United States of America, the United Kingdom, Canada, the Netherlands, and the Netherlands Antilles. STOP is selling its shares in Kaneb as the relevant assets do not fit its strategic vision. ANZT is entering into the transaction because of its knowledge of the assets and management. The proposal is likely to result in the following benefits:
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| Contact | Graeme Quigley/Andrew Beresford Russell McVeagh PO Box 8 AUCKLAND |