| Decision | Consent Granted Section 12(1) of the Overseas Investment Act 2005 (the Act) |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 January 2022 |
| Pathway(s) | Sensitive Land (Benefit to New Zealand) |
| Investment | Up to 100% of the issued share capital of HELLA GmbH & Co. KGaA including sensitive land at 81-83 Ben Lomond Crescent, Pakuranga, Auckland |
| Asset Value | $90,000,000 |
| Applicant | Faurecia Participations GmbH United States of America (22.90%); France (20.10%); United Kingdom (12.10%); Germany (5.20%); Various (39.70%) |
| Vendor | Shareholders of HELLA GmbH & Co. KGaA, including a group of 67 family shareholders Germany (47.41%); UK (16.42%); USA (10.75%); Switzerland (3.53%); Various (21.89%) |
| Background | The Applicant is seeking to acquire up to 100% of the issued share capital of HELLA GmbH & Co. KGaA. This is an international transaction which includes a New Zealand subsidiary which owns land at 81-83 Ben Lomond Crescent, Pakuranga, Auckland which houses a factory, warehouse and offices used by the New Zealand subsidiary. HELLA GmbH & Co. KGaA specialises in the manufacture and sale of automotive lighting components. The Applicant will continue to use the land for that purpose. The Applicant is a subsidiary of Faurecia S.E., a publicly listed French company which operates in the automotive industry, with particular focus on seating, interiors, dashboard electronics and clean mobility. Faurecia S.E. operates in 35 countries with 266 industrial sites, 39 research and development centres and 114,000 employees. The consent has been granted on the basis the applicant has satisfied the investor test criterion and the benefit to New Zealand test in section 16A(1)(a) of the Act on the basis refusing consent to this transaction would adversely impact New Zealand’s investment reputation. |
| More information | Joshua Jones |