| Decision number | 200620081 |
|---|---|
| Application number | 200620070 |
| Date | 18 December 2006 |
| Offeror/applicant | Shareholders in Cavotec Group Holdings N.V. |
| Ultimate applicant beneficial ownership | 60.42 percent - Italy, Italian Public 19.52 percent - Sweden, Swedish Public 14.75 percent - Various, Various overseas persons 3.01 percent - Norway, Norwegian Public 2.3 percent - United States of America, United States Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 2.77 percent |
| - Share proposed | 80.554 percent |
| Offeree(s)/seller(s) | Existing shareholders in Mooring Systems Limited 97.23 percent - New Zealand, New Zealand Public 2.77 percent - Various, Various overseas persons |
| Business activities | Manufacturing - Machinery & Equipment |
| Details of land involved | None. |
| Regions involved | Canterbury |
| Total consideration | $203,700,000 |
| Consent sought | To acquire up to 80 percent of the shares of Mooring Systems 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. Mooring Systems Limited (MSL) a company listed on the New Zealand Stock Exchange proposes to merge with Cavotec Group Holdings NV. (Cavotec) a closely held company headquartered in the Netherlands. The proposal will be effected by MSL acquiring all of the shares in Cavotec, with the consideration to the Cavotec shareholders being the issue of MSL shares. MSL and Cavotec consider that the proposed merger will further MSL's and Cavotec's existing business relationship and provide a number of synergies and benefits. Cavotec is an international group operating in the design and manufacture of mobile power supply solutions whilst MSL is a company whose activities include the development, testing and sales of shore based and ship based automatic mooring systems. |
| Contact | David Quigg Quigg Partners P O Box 3035 WELLINGTON |