| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 May 2013 |
| Investment | An overseas investment in sensitive land, being the Applicants’ direct or indirect acquisition of a freehold interest in approximately 0.6966 hectares of land at 12-14 Poland Road, Wairau Valley, Auckland. |
| Consideration | $2,400,000 |
| Applicant | Bertelsmann SE & Co. KGaA and Pearson plc Bertelsmann Stiftung, Reinhard Mohn Stiftung and BVG-Stiftung, Germany (42.877%) United Kingdom Investors, United Kingdom (20.8351%) Various overseas persons (14.6781%) United States Public (11.4868%) Mohn Family, Germany (10.123%) |
| Vendor | Random House New Zealand Limited Bertelsmann Stiftung, Reinhard Mohn Stiftung and BVG-Stiftung, Germany (80.9%) Mohn Family, Germany (19.1%) |
| Background | The Applicants are merging their respective global consumer trade publishing businesses. The land will be transferred into the ownership of a new joint venture entity. 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 Bargery Russell McVeagh PO Box 8 AUCKLAND |