| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Decision Date | 12 December 2017 | ||||||||||||||||||||||
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of rights or interests in the remaining 35% of the shares of ANZCO Foods Limited, which owns or controls a freehold interest in the following land:
An overseas investment in significant business assets, being the Applicant’s acquisition of the remaining 35% of the shares in ANZCO Foods Limited, which has assets in New Zealand in excess of $100 million. | ||||||||||||||||||||||
| Consideration | $97,654,317 | ||||||||||||||||||||||
| Applicant | Itoham Foods Inc. Japanese Public (91.917%) Various overseas persons (8.083%) | ||||||||||||||||||||||
Vendor | Nippon Suisan Kaisha Limited, Sir Graeme Thomas Harrison, JANZ Investments Limited and ANZCO Employee Share Trust New Zealand (50.408%) Taiwanese Public (0.242%) Japanese Public (49.35%) | ||||||||||||||||||||||
| Background | The Applicant, a Japanese company that specialises in meat products, bought shares in ANZCO Foods Limited (“ANZCO”) in 1995 and now holds approximately 65% of the shareholding. The Applicant is seeking consent to acquire the remaining 35% of shares, so that it will own 100% of the shares in ANZCO. The Applicant has been a major shareholder in ANZCO over the previous 20 years, investing significant additional investment and introducing technology to grow the business. ANZCO employs around 3,000 employees worldwide. The Applicant has also worked with ANZCO on a number of joint ventures, which, for example, have created a number of jobs throughout New Zealand. This investment will enable the Applicant to continue to support, develop and grow ANZCO. | ||||||||||||||||||||||
| More information | Alister McDonald Chapman Tripp PO Box 2510 Christchurch |