| Decision number | 200720027 |
|---|---|
| Application number | 200710091 |
| Date | 12 September 2007 |
| Offeror/applicant | Wesfarmers Retail Holdings Pty 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 | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | 4.2504 hectares of leasehold situated at Waitakere Plaza, 25 Newington Road, Henderson, Auckland being part CT NA76C/345 (North Auckland Registry); and 7.7189 hectares of leasehold situated at Bayfair Plaza, Girven Road, Mount Maunganui, being part CTs 316353 and 316354 (South Auckland Registry). |
| Regions involved | Auckland Bay of Plenty/Coromandel Various |
| Total consideration | $349,471,563 |
| Consent sought | To acquire up to 100 percent of the securities of Coles 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. Wesfarmers Retail Holdings Pty Limited, a wholly-owned subsidiary of Wesfarmers Limited (Wesfarmers) proposes to acquire 100 percent of the shares of the Australian listed company Coles Group Limited (Coles). Wesfarmers intends to effect an acquisition by way of a takeover or scheme of arrangement. Coles is the ultimate parent company of Coles Group New Zealand Holdings Limited (Coles NZ) which operates 14 Kmart stores and one Kmart distribution centre in New Zealand. Wesfarmers advises that the acquisition is likely to enhance the businesses of both companies and improve the performance of the Coles' businesses. The proposal is likely to result in the following benefits:
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| Contact | David Quigg Quigg Partners P O Box 3035 WELLINGTON 6140 |