| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 May 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of National Can Industries Limited which owns or controls a freehold interest in 3.9483 hectares of land at 80-130 Mt Wellington Highway, Panmure, Auckland. |
| Consideration | $40,000,000 |
| Applicant | Esk Holdings Pty Limited Michael Tyrrell, Australia (100.0%) |
| Vendor | Existing shareholders of National Can Industries Limited other than Tyrrell Investments Pty Limited and its associates Geminder Holdings Pty Limited, Australia (40.0%) Various overseas persons (23.0%) National Can Industries Limited directors and others, Australia (20.0%) Hunter Hall Investment Management Limited, Australia (17.0%) |
| Background | The Applicant is an associate of Tyrrell Investments Pty Limited (“TI”), the existing majority shareholder of National Can Industries Limited (a manufacturer of packaging products “NCI”). The Applicant and TI are owned and controlled by members of the Tyrrell family of Australia. The Applicant intends to acquire the shares in NCI that are not already owned by members of the Tyrrell family. The proposed transaction should result in NCI being more efficient and therefore competitive in the markets in which it operates. 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 Overseas Investment Regulations 2005 |
| More information | Chris Bougen Chapman Tripp PO Box 993 WELLINGTON 6140 |