Decision Summary - Holcim (New Zealand) Limited

Decision number	200810060
Application number	200810041
Date	19 June 2008
Offeror/applicant	Holcim (New Zealand) Limited
Ultimate applicant beneficial ownership	66.4 percent - Switzerland, Swiss Public 23.6 percent - Switzerland, Schmidheiny (Thomas) 10 percent - United States of America, Capital Group Companies
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Sainsbury (Stuart John) Central Lodge Trustees 2006 Limited as trustees of the Sadira Family Trust 100 percent - New Zealand, Sainsbury (Stuart John)
Business activities	Mining - Other Mining
Details of land involved	3.365 hectares of freehold situated at Limekiln and McLay Roads, Dunback, North Otago being part CT OT327/64.
Regions involved	Otago
Total consideration	$7,313
Consent sought	To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Background to the Investment: The relevant land adjoins land owned by Holcim (New Zealand) Limited (Holcim), upon which Holcim operates a limestone quarry. As a result of confusion over the legal boundaries it was discovered that waste material from the quarry operation had been accidentally dumped outside of the quarry land and on to the vendor's land. Outline of the Investment: Holcim will amalgamate the land with the land currently owned by Holcim. Rationale for the Investment: The proposed transaction is the most expedient solution to the issue and will resolve the need to remove the waste material from the land. The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors: Overseas Investment Regulations 2005 r28(e) - Previous investments; and r28(g) - Enhance the viability of other investments.
Contact	Tim Barclay Anthony Harper PO Box 2646 CHRISTCHURCH

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