| Decision number | 200710040 |
|---|---|
| Application number | 200620153 |
| Date | 18 April 2007 |
| Offeror/applicant | Cloudy Bay Vineyards Limited |
| Ultimate applicant beneficial ownership | 66 percent - France, Moet Hennessy Louis Vuitton 34 percent - United Kingdom, Diageo Plc |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Resene Paints Limited 100 percent - New Zealand, New Zealand Public |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture |
| Details of land involved | 25.638 hectares of freehold situated at Pak Lims Road, Renwick, Marlborough being CTs MB6B/568, MB6B/569 and MB6B/570 (Marlborough Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | $5,500,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| 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. Cloudy Bay Vineyards Limited (Cloudy Bay), an established producer of premium Marlborough wines, proposes to acquire developed vineyards in order to secure an additional grape supply. Cloudy Bay has entered into agreements with Resene Paints Limited and its subsidiary, Cellier Le Brun Limited, to acquire the subject land and 12.2108 hectares situated at Renwick (refer A200620152). Cloudy Bay also proposes to acquire 8 hectares situated at Blenheim (refer A200710028). The land is currently planted in Pinot Noir (6.4 hectares), Chardonnay (3.6 hectares), Sauvignon Blanc (8.9 hectares), Riesling (1.8 hectares) and Pinot Gris (1.1 hectares). Cloudy Bay proposes to replant the area currently planted in Pinot Noir with Pinot Gris to meet the growth in export demand for Pinot Gris wine that has been constrained by grape supply. The proposal is likely to result in the following benefits:
|
| Contact | John Lundon Lundons P O Box 268 BLENHEIM |