Overseas investment decision for case 201420105 - Graymont Limited

• an overseas investment in sensitive land, being the acquisition of rights or interests in 100% of the shares of McDonald's Lime Limited which owns or controls:
  • a freehold interest in approximately 240ha of land at Oparure Road, Te Kuiti (Oparure Quarry)
  • a freehold interest in approximately 117ha of land at Rangitoto Road, Te Kuiti (Te Kuiti Plant)
• an overseas investment in sensitive land, being the acquisition of a freehold interest in approximately 172ha of land at Dunback (Taylor's Lime)
• an overseas investment in significant business assets, being the acquisition of property in NZ used in carrying on business in New Zealand for consideration exceeding $100m, that property being the acquisition of 100% of the shares in McDonald's Lime and the business assets of Taylor's Lime. 

The Applicant intends to continue the existing lime business operations carried out on the relevant land, applying the know-how that it has developed over the last 60 years to strengthen and grow the businesses. 

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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) – Creation of Jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(d) – Historic heritage
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(i) – Economic interests