| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 17 November 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Chevron New Zealand which owns or controls a leasehold interest in approximately 0.3161 hectares of land at 170 Fryatt Street, Dunedin. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Chevron New Zealand, the consideration of which exceeds $100m. |
| Consideration | $785,000,000 |
| Applicant | Z Energy Limited New Zealand Public (38.86%) Australian Public (33.21%) Various overseas persons (17.93%) New Zealand Superannuation Fund Nominees Limited, New Zealand (10.0%) |
| Vendor | Chevron South Asia Holdings Pte Limited Chevron Corporation, United States of America (100.0%) |
| Background | The Applicant intends to make significant cost savings through supply chain savings and corporate savings, which it will pass on to its customers. The Applicant also intends to create new job opportunities by bringing some roles currently undertaken for Chevron New Zealand in the Philippines to New Zealand. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 | Patricia Green and Miles Dean Minter Ellison Rudd Watts PO Box 2793 WELLINGTON |
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