| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 November 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 50.0% of the shares of Global Mobility Holding B.V., the value of the assets of Global Mobility Holding B.V. and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $195,556,000 (being the book value of LeasePlan New Zealand Limited’s assets as at 31 December 2008) |
| Applicant | Volkswagen AG Germany (73.1%) Various (20.1%) Qatar (6.8%) |
| Vendor | Ultimate Existing Shareholders of Global Mobility Holdings B.V. other than Volkswagen AG being: Olayan Group 25% [100% Saudi Arabia] Mubadala Development Company PSJC 25% [100% Aba Dhabi] |
| Background | The Applicant, who currently owns 50% of Global Mobility Holding B.V. (GMH), seeks to acquire the remaining 50% of the shares in GMH. In doing so, it will acquire an indirect interest in the shares of LeasePlan New Zealand Limited. The Applicant has also entered into a Joint Venture Agreement with Fleet Investments B.V. under which Fleet Investments B.V. will then purchase the shares from the Applicant (Refer Case 200920057). The joint venture will preserve LeasePlan’s car brand independence. 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 |