| Decision number | 200620067 |
|---|---|
| Application number | 200620095 |
| Date | 31 October 2006 |
| Offeror/applicant | Bacardi New Zealand Holdings Limited |
| Ultimate applicant beneficial ownership | 100 percent - Bermuda, Bacardi Limited |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | New Zealand Public of New Zealand |
| Business activities | Manufacturing - Food, Beverage & Tobacco |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $137,000,000 |
| Consent sought | To acquire up to 100 percent of the equity securities of 42 Below 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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Bacardi New Zealand Holdings Limited (Bacardi), a member of the Bacardi group of companies proposes to acquire all of the equity securities in 42 Below Limited (42 Below) through a full cash offer under the Takeovers Code. The Bacardi group is a privately held global spirits group whose premium portfolio includes Bacardi rum, Martini vermouth, Dewar's Scotch whiskey, Bombay Sapphire gin, Grey Goose vodka and Cazadores Blue Agave tequila. The proposed acquisition of 42 Below, the creator and marketer of premium liquor products including 42 Below vodka and South gin, will increase Bacardi's business and market share in the New Zealand and Australian markets. |
| Contact | Andrew Harmos/Mary-Elizabeth Tuck Harmos Horton Lusk P O Box 28 AUCKLAND |