| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 April 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 34.6693 hectares of land at Delta Lake Heights, Waihopai (“the Land”). |
| Consideration | $4,024,800 |
| Applicant | Cloudy Bay Vineyards Limited Moet Hennessy Louis Vuitton, France (66.0%) Diageo Plc, United Kingdom (34.0%) |
| Vendor | The Delta Wine Company Limited Thomson Wine Investments Limited, New Zealand (30.27%) The Marlborough Company Limited, New Zealand (30.27%) David Charles Gleave, United Kingdom (19.73%) Saint Clair Estate Wines Limited, New Zealand (19.73%) |
| Background | The Applicant is a long-established owner and operator of vineyards in the Marlborough region. The Applicant has established itself as a pre-eminent wine company in New Zealand. Wines produced by the Applicant are exported to more than 30 countries worldwide. The Applicant requires the Land and vineyard on it in order to continue to produce high quality Pinot Noir in larger volumes and meet its expanded Pinot Noir sales targets. 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 17(2)(a)(i) – Jobs 17(2)(a)(iii) – Increased export receipts Overseas Investment Regulations 2005 28(e) – Previous investments 28(g) – Enhance the viability of other investments |
| More information | Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |