| Decision number | 200710006 |
|---|---|
| Application number | 200610003/200620157 |
| Date | 19 January 2007 |
| Offeror/applicant | PepsiCo New Zealand Holdings |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Pepsico, Inc. |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 41.05 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Burns, Philp and Company Limited 53.73 percent - New Zealand, Hart (Graeme Richard) 40.79 percent - Australia, Australian Public 5.22 percent - New Zealand, New Zealand Public 0.26 percent - Various, Various overseas persons |
| Business activities | Manufacturing - Food |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $245,000,000 |
| Consent sought | To acquire up to 100 percent of the shares of Bluebird Foods 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. The Applicant's ultimate parent is PepsiCo, Inc. a leading global manufacturer, marketer and seller of savoury snack foods operating in over 200 countries. The Applicant is the successful bidder in a sales process to acquire 100 percent of the shares in Bluebird Foods Limited (Bluebird). The proposed acquisition will result in the Applicant acquiring the savoury snacks and wrapped snacks (including muesli bars) business owned by Bluebird. Bluebird is an attractive acquisition opportunity for the Applicant as Bluebird is a market leader across categories that are a core international business competency of the Applicant. The Applicant does not currently have a physical business presence in New Zealand. |
| Contact | Robert Bycroft/Kelly McFadzien Chapman Tripp PO Box 2206 AUCKLAND |