| Decision number | 200520105 |
|---|---|
| Application number | 200520123 |
| Date | 22 December 2005 |
| Offeror/applicant | GE Finance and Insurance |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, General Electric Company |
| Beneficial overseas ownership | |
| - Asset current | 11.825 percent |
| - Asset proposed | 100 percent |
| - Share current | 11.825 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Pacific Retail Services Limited 81.32 percent - New Zealand, Eric Watson 6.855 percent - New Zealand, New Zealand Public 6.069 percent - France, AXA SA 5.756 percent - Australia, Australian Public |
| Business activities | Finance & Insurance - Financial Institutions |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $620,207,152 |
| Consent Sought | To acquire the consumer finance business of Pacific Retail Services Limited, including up to 100 percent of the securities of Simply Insurance New Zealand Limited. |
| 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant, GE Finance and Insurance (GEFI), is part of the consumer finance division of the United States of America conglomerate, General Electric Company (General Electric). General Electric operates a wide range of manufacturing and service divisions around the world though six business units, GE Infrastructure, GER Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare, and GE Consumer Finance. GEFI's business includes sales finance, personal loans, auto loans, and insurance. GEFI proposes to acquire the consumer finance businesses of Pacific Retail Services Limited (PRS) including PRS's shares in Simply Insurance New Zealand Limited, and PRS's subsidiaries Pacific Retail Finance Limited, and Montreal Financial Services Limited. The acquisition will enable GEFI to broaden its distribution and extend its range of financial services. |
| Contact | Frank Porter Buddle Findlay P O Box 1433 AUCKLAND |