Decision
| Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 29 November 2019 |
Pathway(s) | Significant business assets |
Investment | An overseas investment in significant business assets, being the Applicant's acquisition of up to 49% of the shares in Unisnack Hold Co Pty Ltd (“Unisnack”) from URC Oceania Company Limited, the value of the New Zealand assets of Unisnack and its 25% or more subsidiaries being greater than $100m. |
Asset Value | $811,393,000 |
Applicant | Intersnack International B.V. |
Vendor | URC Oceania Company Limited |
Background | The Applicant is a Netherlands registered company. The Intersnack group manufactures, markets and sells savoury snacks with a focus on the European market. The Intersnack group owns international snack brands such as Chio and POM-BÄR. The target, Unisnack is a subsidiary of Universal Robina Corporation (“URC”), a large branded consumer food and beverage product company registered and publicly listed in the Philippines. The URC Group owns snack manufacturing operations and subsidiaries in Australia and New Zealand under the brands Australia and Griffins Foods. The Vendor and the Applicant intend to build a joint-venture entity comprising a consortium of companies of both the Intersnack group and the URC group following the Investment, in order to further develop their snack businesses in the Oceania region. The Applicant has satisfied the OIO 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 | Matthew Olsen
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