| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 April 2021 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 38.5% of the remaining issued share capital of WPP AUNZ Limited (the value of the assets of which are greater than $100m). |
| Asset Value[1] | Approximately $121,000,000 |
| Applicant | Cavendish Square Holding B.V. Various overseas persons (36.3%) United States Public (35.6%) United Kingdom Public (28.1%) |
| Vendor | Shareholders of WPP AUNZ Ltd excluding the Applicant Australian Public (54%) Various overseas persons (32%) United States Public (8%) Luxembourg Public (6%) |
| Background | The Applicant is a passive holding company ultimately owned by WPP plc (a company listed on the London Stock Exchange with approximately 11,000 shareholders). WPP plc provides media investment management and a range of marketing and communications, advertising, and television and print production services, with operations in 112 countries. The Applicant currently owns 61.5% of the shares in WPP AUNZ Limited which is listed on the Australian Stock Exchange. The Applicant is seeking to acquire the remaining shares under a shareholders’ scheme of arrangement or a takeover bid made under the Australian Corporations Act. The proposed transaction is predominantly governed by New South Wales/Australian law. 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 | Cameron Taylor MinterEllisonRuddWatts AUCKLAND |
[1] Approximate value of NZ business assets of WPP AUNZ Limited