| Decision number | 200620080 |
|---|---|
| Application number | 200620124 |
| Date | 14 December 2006 |
| Offeror/applicant | MFS Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Australian Public of Australia |
| Business activities | Finance & Insurance - Financial Institutions |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $236,365,750 |
| Consent sought | To acquire rights and interests in up to 100 percent of the securities of S8 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. MFS Limted (MFS) proposes to acquire 100 percent of S8 Limited (SEL) a company listed on the Australian Stock Exchange. Upon completion of the Takeover Offer of SEL by MFS, MFS would indirectly control 100% of the securities in Gullivers Travel Group (Gullivers) Ltd. SEL following its recent takeover of Gullivers is the largest vertically and horizontally integrated travel group in Australia and New Zealand. SEL's portfolio includes Harvey World Travel, Transonic Travel, Travelscene and Gullivers in New Zealand. Gullivers portfolio includes United Travel, Holiday Shoppe, Gullivers Holidays and Gullivers Ticketing. MFS believes that the merger with SEL represents an opportunity to create a market leading, fully integrated travel group. |
| Contact | James Gibson Bell Gully P O Box 4199 AUCKLAND |