Decision Summary - Rank Group Australia Pty Limited
| Decision number | 200620047 |
|---|---|
| Application number | 200620053 |
| Date | 20 September 2006 |
| Offeror/applicant | Rank Group Australia Pty Limited |
| Ultimate applicant beneficial ownership | 100 percent - New Zealand, Hart (Graeme Richard) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 38.0375 percent |
| - Share proposed | 0 percent |
| Offeree(s)/seller(s) | Shareholders in Burns, Philp & Company Limited other than Rank Group Limited 89.13 percent - Australia, Australian Public 10.31 percent - New Zealand, New Zealand Public 0.56 percent - Various, Various overseas persons |
| Business activities | Manufacturing - Food, Beverage & Tobacco |
| Details of land involved | None. |
| Regions involved | Various. |
| Total consideration | $1,538,267,022 |
| Consent sought | To acquire rights and interests in up to 100 percent of the shares of Burns, Philp and Company Limited. |
| 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. Rank Group Australia Pty Limited, a wholly-owned subsidiary of Rank Group Limited, proposes to acquire all of the shares in Burns, Philp & Company Limited (Burns Philp) which are not already held by Rank Group Limited and its subsidiaries. Burns Philp's New Zealand investments include its wholly-owned subsidiary Bluebird Foods Limited and a 20 percent shareholding in Goodman Fielder Limited. Rank Group Limited's rationale for the investment is that Burns Philp having recently divested a number of its investments it is timely to consolidate the interests of Rank Group Limited and Burns Philp into one privately owned group structure. |
| Contact | Gavin Macdonald/Glenn Joblin Bell Gully P O Box 4199 AUCKLAND |
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