| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 December 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 27.0% of the Class A and Class C shares of Clemenger Group Limited, the consideration of which exceeds $100m. |
| Consideration | $199,001,685 |
| Applicant | Omnicom Group Inc United States Public (88.17%) United Kingdom Public (4.2%) Canadian Public (2.2%) Norwegian Public (1.75%) Bermuda Public (1.29%) Singapore Public (1.26%) Japanese Public (1.13%) |
| Vendor | Existing shareholders of Clemenger Group Limited other than Omnicom Group Inc Australian Public (75.6464%) New Zealand Public (24.3536%) |
| Background | The Applicant currently owns 46.67% of the Australian entity Clemenger Group Limited. Clemenger New Zealand is wholly owned subsidiary of Clemenger Group Limited. The Applicant is looking to increase its shareholding in Clemenger Group Limited to 73.67% by acquiring a 27% shareholding from existing minority shareholders in the company. The Applicant is seeking to take advantage of the growth in the Asia Pacific region. Accordingly, the Applicant would like to utilise Clemenger Group Limited's strength, expertise and creativity as part of its overall growth strategy in this region. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Chris Bargery Russell McVeagh PO Box 8 AUCKLAND |