| Decision number | 200620085 |
|---|---|
| Application number | 200620141 |
| Date | 22 December 2006 |
| Offeror/applicant | Suncorp-Metway Limited of Australia |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| 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 | $8,940,000,000 |
| Consent sought | To acquire up to 100 percent of the ordinary shares of Promina Group 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. Suncorp-Metway Limited (Suncorp) has entered into a merger implementation agreement (agreement) with Promina Group Limited (Promina). The agreement formalises a proposal for Suncorp to acquire 100 percent of ordinary shares in Promina by way of a scheme of arrangement, to be undertaken in Australia. The Promina Group of companies includes Promina Group Holdings (NZ) Limited, a wholly-owned New Zealand based subsidiary of Promina. Promina's New Zealand operations include Promina, Asteron, an interest in AA Insurance, New Zealand Guardian Trust and Tyndall Investment Management. Suncorp, which is a leading Australian financial services firm focusing on retail consumers and small-to-medium businesses, views the acquisition of Promina as creating a larger diversified financial services group allowing for the expansion of value creation opportunities. |
| Contact | Cameron Fleming Russell McVeagh P O Box 8 AUCKLAND |