| Decision number | 200520090 |
|---|---|
| Application number | 200520118 |
| Date | 30 November 2005 |
| Offeror/applicant | Sara Lee Holdings (NZ) Limited |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Sara Lee Corporation |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Nutri-Metics International (Australia) Pty Limited of Australia |
| Business activities | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | 3.3135 hectares of freehold situated at 20-24 Lorien Place and 25 Arwen Place, Manukau City, Auckland being CTs NA40D/967, NA40D/968, and NA33D/477 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $4,836,092 |
| Consent Sought - 1995 Regs | To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Nutrimetics International (NZ) Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. The Applicant (Sara Lee) is a wholly-owned subsidiary of Sara Lee Corporation, a United States of America based publicly listed company. Sara Lee Corporation's business includes the manufacturing and marketing of food and beverage, branded apparel, and household and body care products. This application is for a retrospective consent to acquire the shares in Nutrimetics International (New Zealand) Limited (Nutrimetics), a company whose business comprises two divisions being skincare and bodycare product manufacturing, and direct selling of skincare and bodycare products. The acquisition of Nutrimetics enabled Sara Lee Corporation to expand its direct selling business in the Asia Pacific region. The proposal has resulted in the following benefits:
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| Contact | Craig Nelson/Philippa Wright Simpson Grierson Private Bag 92518 AUCKLAND |