| Decision number | 200620060 |
|---|---|
| Application number | 200620047 |
| Date | 13 October 2006 |
| Offeror/applicant | Fleet Holding (NZ) Limited |
| Ultimate applicant beneficial ownership | 55.0823 percent - Japan, Japanese Public 13.6773 percent - United States of America, United States Public 10.192 percent - Various, Various overseas persons 9 percent - New Zealand, New Zealand Public 6.916 percent - Canada, Canadian Public 5.1324 percent - United Kingdom, United Kingdom Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 91 percent |
| Offeree(s)/seller(s) | UDC Finance Limited 100 percent - Australia, ANZ Banking Group Limited |
| Business activities | Property & Business Services - Business |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | A$379 million for the Australian and New Zealand business assets of Fleet Partners |
| Consent sought | To acquire rights and interests in up to 100 percent of the shares of Truck Leasing 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. Nikko Principal Investments Limited (NPIL) proposes to acquire 100 percent of the shares in Truck Leasing Limited (trading as Esanda Fleet Partners), a subsidiary of Australia and New Zealand Banking Group Limited. NPIL also proposes to acquire the Australian business through the acquisition of FleetPartners Pty Limited. Esanda Fleet Partners carries on business as a provider of motor vehicle operating leases and fleet management services. The acquisition is part of NPIL's strategy to build a significant private equity business in Australia and New Zealand. |
| Contact | Graeme Quigley/David Hoare Russell McVeagh PO Box 8 AUCKLAND |