Overseas Investment Office Sets Record Straight on Natural Dairy Application

17 September 2010

Today the New Zealand Herald reported that it understands the Overseas Investment Office (OIO) has nearly completed its review of Natural Dairy (NZ) Holdings Limited’s application for consent. It also states that the OIO has either declined consent or suggested significant constraints.

Annelies McClure, Manager of the OIO, said this information is incorrect.

“The information published by the New Zealand Herald is completely incorrect,” said Ms McClure. “The OIO has not rejected nor suggested or imposed significant constraints on the application or Natural Dairy.”

The OIO continues to assess Natural Dairy’s application against the requirements of the Overseas Investment Act 2005 and no decisions have been made.

“The application from Natural Dairy to acquire an 80% shareholding in UBNZ Assets Holdings Limited is extremely complex,” said Ms McClure. “The OIO is still assessing the application, and due to its complexity, it cannot be specific in terms of when a decision will be made. We have written to Natural Dairy seeking further information and have yet to receive its response.”

Once the OIO completes its assessment of the application, it will provide a recommendation to Ministers, who will decide on whether or not to grant consent.

There is no statutory timeframe within which a decision must be made.

Media queries: Brad Young, Senior Communications Advisor, ph (04) 460 0147 or 027 277 1267, email media@linz.govt.nz.