| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 6 October 2015 |
| Investment | An overseas investment in sensitive land, being Status Produce Limited’s (the Applicant's wholly owned subsidiary) acquisition of rights or interests in up to 100% of the shares of Great Lake Tomatoes Limited which owns or controls a freehold interest in 74.4195 hectares of land at 3057 Broadlands Rd Reporoa, Bay of Plenty. |
| Consideration | $17,300,000 |
| Applicant | T&G Global Limited Federal Republic of Germany, Germany (73.07%) New Zealand Public (16.4974%) New Zealand Public and Various Entities, New Zealand (10.31%) Various overseas persons (0.1226%) |
| Vendor | Great Lake Tomatoes Limited Produce Trading and Management Services Limited, New Zealand (55.0%) Nezarco Limited, Argentina (45.0%) |
| Background | T&G Global Limited’s subsidiary, Status Produce Limited, intends to acquire Great Lake Tomatoes Limited, a tomato growing business. It plans to significantly expand the current glasshouse. T&G Global Limited also intends to co-ordinate the tomato growing and picking with those of its other operations to increase exports by sea-freight. 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 Overseas Investment Regulations 2005 |
| More information | Joe Windmeyer and Emma Barnett Russell McVeagh PO Box 8 Auckland |