Decision
| Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 November 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 50% of the shares in New Zealand New Milk Limited (the Applicant already owns the other 50%) and 100% of the shares in New Zealand New Milk Brands Limited. The combined value of the assets of New Zealand New Milk Limited and New Zealand New Milk Brands Limited is greater than $100 million. |
| Consideration | $87,500,000 |
| Applicant | Aspen Pharmacare Holdings Limited Various (67.97%) South Africa (26.98%) United States of America (5.05%) |
| Vendor | New Zealand New Milk Holdings Limited China (58.54%) New Zealand (34.173%) Various (7.287%) |
| Background | The Applicant is a global pharmaceutical and nutritional company registered and based in South Africa. The Applicant plans to sell its global nutritionals business to a multinational dairy products corporation. The Applicant needs to acquire the shares in New Zealand New Milk Limited and New Zealand New Milk Brands Limited in order to complete the on-sale of these shares. The Applicant has satisfied the Overseas Investment Office that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Martin Thomas
|
See the attached assessment report linked below, which was published in response to an Official Information Act request: