| 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 | Fleet Investments B.V. Germany (100.0%) |
| Vendor | Volkswagen AGG Germany (73.1%) Various (20.1%) Qatar (6.8%) |
| Background | The Applicant has entered into a Joint Venture Agreement with Volkswagen AG. under which Volkswagen who currently owns 50% of Global Mobility Holding B.V. (GMH), will acquire the remaining 50% of the shares in GMH (Refer Case 200920056) and then contemporaneously sell a 50% interest in GMH to the Applicant. This will result in the Applicant acquiring an indirect interest in the shares of LeasePlan New Zealand Limited. 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 |