OIO Decision Summary - Foster's New Zealand (Matua) Limited

Decision Summary - Foster's New Zealand (Matua) Limited - 2nd consent

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	30 March 2009
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 52.2942 hectares of land at Redwood Pass Road, Awatere Valley, Marlborough.
Consideration	CONFIDENTIAL
Applicant	Foster's New Zealand (Matua) Limited Australia (37.0%), Various (35.0%), United States of America (15.0%), United Kingdom (except Isle of Man and the Channel Islands) (13.0%)
Vendor	Donald Stuart Mitchell and Helen Elizabeth Mitchell as trustees of the D.S. and H.E. Mitchell Trust New Zealand (100.0%)
Background	The vineyard is being acquired to give the Applicant a more reliable supply of grapes. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(ii) – New technology or business skills 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Added market competition/Productivity Overseas Investment Regulations 2005 28(b) – Key person in a key industry 28(e) – Previous investments 28(g) – Enhance the viability of other investments
More information	Claire Mills Radich Law PO Box 842 Blenheim