| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Wattyl (NZ) Limited which owns or controls a freehold interest in 4.6249 hectares of land at 2-14 Patiki Road, Avondale, Auckland. |
| Asset Value | $33,044,000 |
| Applicant | The Valspar (Australia) Paint Acquisition Pty Limited United States Public (80.16%) Blackrock, Inc, United States of America (6.91%) C. Angus Wurtele, United States of America (5.99%) Iridian Asset Management LLC, David L. Cohen and Harold J. Levy, United States of America (5.08%) Various overseas persons (1.86%) |
| Vendor | Wattyl Limited Australian Public (62.88%) Hunter Hall Group, Australia (19.26%) Invesco Australia Limited, Australia (7.31%) Centaurus Capital Limited and associated entities and persons, Australia (5.55%) Dimensional Fund Advisors LP and associated entities and persons, Australia (5.0%) |
| Background | The Applicant is part of the Valspar Group. The Valspar Group is a leading global manufacturer and distributor of coatings, paints and related products. The Wattyl Group is a paints and surface coatings manufacturer, distributor and retailer with operations in Australia and New Zealand. Its New Zealand subsidiary, Wattyl NZ Limited, has 25 stores located throughout the country. The Investment is part of a larger acquisition being undertaken in Australia under which all the ordinary shares of the Wattyl Group will be acquired by the Applicant. The Investment will enable the Valspar Group's entry into the New Zealand and Australian consumer paints markets through Wattyl's brands and supply chains. It will also give Wattyl access to the Valspar Group's research and development capabilities, funding, and business systems and expertise. 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 Regulations 2005 |
| More information | David G Boswell Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |