Overseas investment decision for case 201120007 - Stolt-Nielsen Australasia Holdings Pty Limited

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 70.0% of the shares of Marstel Holdings Pty Limited which owns or controls:

• a leasehold interest in 2.3499 hectares of land at 25 Gabador Pl, Mt Wellington, Auckland; and
• a leasehold interest in 2.4966 hectares of land at Cnr Brigham & Hamer Streets, Freemans Bay, Auckland; and
• a leasehold interest in 0.6435 hectares of land at 251 Foreshore Road, Island Harbour, Bluff.

Stolt-Nielsen Limited is expanding its global network of terminals and is seeking to grow the capacity of its existing terminals. It considers that the acquisition of the Marstel Group terminals by the Applicant fits this strategy and will further complement its other shipping activities. The original founders of the Marstel group will remain involved to encourage and provide direction for the business acquired and to enable the further growth and expansion of its activities. The acquisition may also provide a platform for further development of Stolt-Nielsen Limited's gas and bitumen services as well as being able to provide support for its tank container business.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(j) – Mitigating Factor