Media Update from the Overseas Investment Office (OIO)
The OIO completed its preliminary assessment of the application from Natural Dairy (NZ) Holdings Limited on 14 July 2010. The application by Natural Dairy (NZ) Holdings Limited to purchase an indirect interest in the Crafar farms via the acquisition of an 80% shareholding in UBNZ Assets Holdings Limited was received by the OIO on 7 July 2010.
The OIO will now begin its assessment of the application.
The OIO generally aims to make a recommendation to Ministers on how to decide an application for consent within 50 working days of the date of registration. However, there is no statutory timeframe within which a decision must be made.
The OIO cannot provide any more information about the application for reasons of commercial sensitivity.
Applications for consent under the Overseas Investment Act 2005 to purchase sensitive land are decided by the Minister of Finance and the Minister for Land Information, or their delegates. In relation to Natural Dairy (NZ) Holdings Limited’s application, the Minister of Finance has delegated his decision-making powers under the Act to Hon Kate Wilkinson.
Further information
For further information see:
- 7 July 2010 media release: Overseas Investment Office receives revised application from Natural Dairy (NZ) Holdings Ltd
- 5 July 2010: Media update from Overseas Investment Office (OIO)
- 11 June 2010 media release: Overseas Investment Office advised of High Court decision
- 4 June 2010 media release: Overseas Investment Office provides evidence to the Auckland High Court
- 7 May 2010 media release: Overseas Investment Office Launches Investigation into Farm Purchases
- 1 April 2010 media release: Overseas Investment Office Seeks More Information on Natural Dairy (NZ) Holdings Ltd Application
- about the Overseas Investment Office
- and application criteria and processes.
Media queries: Brad Young, Senior Communications Advisor, Ph (04) 460 0147 or 027 277 1267, email media@linz.govt.nz.
