| Decision number | 200710012 |
|---|---|
| Application number | 200620150 |
| Date | 21 February 2007 |
| Offeror/applicant | Wesfarmers Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Crombie Lockwood Holdings (NZ) Limited 100 percent - New Zealand, New Zealand Public |
| Business activities | Finance & Insurance - Insurance |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire up to 100 percent of the shares of Crombie Lockwood (NZ) Limited, Monument Insurance (NZ) Limited and Monument Finance 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. Wesfarmers Limited (Wesfarmers) proposes to acquire all of the shares in Crombie Lockwood (NZ) Limited, Monument Insurance (NZ) Limited (the Crombie Lockwood Group). The business activities of the Crombie Lockwood Group include insurance broking, wholesale and underwriting and premium funding. Wesfarmers considers that the acquisition represents a strong strategic fit with the the recent acquisition by Westfarmers of the OAMPS insurance broking group in Australia and supports its expansion into the insurance broking industry. |
| Contact | Brynn Gilbertson/Jennifer Coote Bell Gully P O Box 4199 AUCKLAND |