| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 13 March 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of GMC Consolidation LLC which owns or controls a freehold interest in approximately 24.7581 hectares of land at 1137 SH2 Whakamarama, Tauranga. |
| Consideration | $2,049,000 |
| Applicant | General Electric Company United States of America (100%) |
| Vendor | Thermo Fisher Scientific Inc. United States of America (100%) |
| Background | On 8 October 2013 Thermo Fisher Scientific Inc. (“TFS”) received consent to acquire Life Technologies Corporation as part of a global merger (refer case 201320032). This investment required regulatory approval in multiple jurisdictions including New Zealand. TFS is required to divest its global cell culture business under commitments given to competition authorities. The divestment includes TFS’ foetal bovine serum business in New Zealand (which owns approximately 25 hectares of sensitive land in Tauranga). The Applicant who already has a significant presence in the healthcare industry in New Zealand and employs approximately 600 people intends to acquire the assets. 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 Regulations 2005 |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |