| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 20 September 2023 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 111 hectares of land located at Onepu Springs Road, Tamarangi Drive, Kawerau; and a leasehold interest in approximately 62 hectares of land located at Fletcher Avenue, Kawerau. |
| Consideration | $10,855,287 |
| Applicant | PPP Operations (NZ) Limited and Oji Fibre Solutions (NZ) Limited Japan (75.9%) United States of America (10.9%) United Kingdom (8.3%) Various (4.9%) |
| Vendor | Norske Skog Tasman Limited Norway (100%) |
| Background | The Applicants are ultimately owned by Oji Holdings Corporation which is one of the world's largest manufacturers of paper and packaging products. The investment involves infrastructure that was once part of an integrated pulp and paper mill complex in Kawerau, known locally as the Tasman Mill. The Applicants are acquiring the interests in the land so they can use and maintain this infrastructure and continue to operate their existing pulp mill. The main benefits to New Zealand are likely to be economic as the Applicant will be able to continue to operate the mill, retain jobs, and avoid the expense of constructing new infrastructure. Consent was granted as the Applicants have met the investor test criterion and the benefit likely to occur as a result of the Investment will result in benefit to New Zealand. |
| More information | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |
See the attached Response letter linked below, which was published in response to an Official Information Act request: