| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 July 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Holden New Zealand Limited, the value of the assets of Holden New Zealand Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $187,942,586 |
| Applicant | NGMCO, Inc. United States of America (88.33%) Canada (11.67%) |
| Vendor | General Motors Corporation United States of America (100.0%) |
| Background | On 1 June 2009, General Motors Corporation (GM) filed a voluntary petition for bankruptcy, and concurrently filed a motion to sell substantially all of its assets to a newly formed corporation, New GM (renamed General Motors Company). Under the arrangement, GM will sell substantially all of its global assets to the New GM. Holden NZ is part of the GM group of companies and is included as part of the proposed New GM. General Motors Company, or a direct or indirect wholly-owned subsidiary of General Motors Company will acquire the shares of Holden New Zealand Limited as part of the reinvention of the General Motors business. A fundamental purpose of the proposal is to instil the necessary confidence on the part of US consumers, employees, suppliers and other stakeholders to enable the New GM to be a viable and competitive player in the automotive industry. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David J Quigg Quigg Partners PO Box 3035 WELLINGTON 6140 |