Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
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Decision date | 6 December 2010 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
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Consideration | $88,300,000 |
Applicant | New Zealand Breweries Limited Japanese Public (78.45%) United States Public (9.38%) Various overseas persons (5.95%) United Kingdom Public (5.17%) Australian Public (1.05%) |
Associate | Indevin Estates Gisborne Limited New Zealand (100%) |
Vendor | Pernod Ricard New Zealand Limited Pernod Ricard SA, France (100.0%) |
Background | The Applicant and the Associate’s parent company, Indevin Group Limited (IGL), have agreed to purchase the land containing approximately 524 hectares in the Gisborne area together with the Vendor's business assets which include vineyards, a winery and the intellectual property rights in certain wine brands. The Applicant will then transfer to the Associate the freehold estate in the sensitive land forming part of the Investment. The Applicant and IGL have entered into a Co-operation Agreement which provides how the business assets forming part of the Investment will be utilised by the Applicant and IGL. The Applicant will retain the intellectual property rights in the wine brands and will use its distribution channels for the marketing and selling of the wine branded products produced by IGL and the Associate using the sensitive land comprising the Investment. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
More information | Ben Paterson/David Hoare Russell McVeagh PO Box 8 AUCKLAND |