| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 August 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the issued share capital of NZ Farming Systems Uruguay Limited, the value of the assets of NZ Farming Systems Uruguay Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $317,075,530 |
| Applicant | Olam International Limited Citibank Nominees Singapore Pte Ltd, Singapore (25.63%) Various overseas persons (20.66%) Kewalram Singapore Limited, Singapore (17.45%) DBSN Services Pte Ltd, Singapore (10.44%) Breedens Investments Pte Ltd, Singapore (9.97%) DBS Nominees Pte Ltd, Singapore (8.01%) Raffles Nominees (Pte) Ltd, Singapore (7.84%) |
| Vendor | Existing Shareholders of NZ Farming Systems Uruguay Limited other than Olam International Limited Various, Various (70.93%) PGG Wrightson Investments Limited, New Zealand (14.13%) Accident Compensation Corporation (8.58%) Odey Asset Management Limited, United Kingdom (except Isle of Man and the Channel Islands) (6.36%) |
| Background | The Applicant is a global, integrated supply chain manager of agricultural products and food ingredients and intends to acquire NZ Farming Systems Uruguay Limited (NZFSU) by way of a full takeover offer in accordance with the Takeovers Code. NZFSU is developing a dairy production enterprise in Uruguay based on the successful New Zealand model. The Investment is part of the Applicant's long-term growth strategy to expand its reach into key dairy areas of Oceania and North and South America, and to develop a global leadership position in the dairy business. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Sacha Judd Buddle Findlay (Auckland) PO Box 1433 AUCKLAND 1140 |