| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 May 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 49.9% of the ordinary shares of Craigs Investment Partners Limited, the value of the assets of Craigs Investment Partners Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $4,708,500,000 |
| Applicant | Deutsche New Zealand Limited German Public (46.0%) Various overseas persons (32.0%) United States Public (16.0%) Swiss Public (6.0%) |
| Vendor | Existing shareholders of Craigs Investment Partners Limited New Zealand Public (100%) |
| Background | The Applicant is an indirect, wholly owned subsidiary of Deutsche Bank Aktiengesellschaft, a company incorporated under the laws of the Federal Republic of Germany. The Applicant provides investment banking, asset management and private client advisory services in New Zealand, in areas such as global banking, private wealth management and research. The Vendor is one of New Zealand's largest investment services firms, offering investment advisory solutions to private investors and wholesale financial services to institutions and corporate clients. The Applicant has entered into an implementation deed with the Vendor and certain existing shareholders of the Vendor to acquire 49.9% of the ordinary shares of the Vendor by means of a High Court approved scheme of arrangement. The Investment will strengthen both the Applicant's and the Vendor's range of products and services able to be offered to their clients. The Investment will also enable the Applicant to gain access to the Vendor's local distribution network in New Zealand. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Michael B Harrod Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |