| Decision number | 200710023 |
|---|---|
| Application number | 200710033 |
| Date | 21 March 2007 |
| Offeror/applicant | Contact Energy Limited |
| Ultimate applicant beneficial ownership | 52.11 percent - Australia, Australian Public 37.13 percent - New Zealand, New Zealand Public 4.78 percent - Various, Various overseas persons 3.53 percent - United Kingdom, United Kingdom Public 2.45 percent - United States of America, United States Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 62.87 percent |
| Offeree(s)/seller(s) | Origin Energy Limited 90.1 percent - Australia, Australian Public 4.55 percent - United States of America, United States Public 2.9 percent - United Kingdom, United Kingdom Public 2.45 percent - Various, Unknown Overseas Persons |
| Business activities | Electricity, Gas & Water Supply - Electricity & Gas Supply |
| Details of land involved | None. |
| Regions involved | Wellington |
| Total consideration | $156,000,000 |
| Consent sought | To acquire up to 100 percent of the shares of Origin Energy Industries 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. Contact Energy Limited is a well known entity whose strategy involves pursuing new opportunities to grow its business and to firmly establish itself as New Zealand's leading energy company. The acquisition will enable the Applicant to diversify its business and offer a broader suite of products and energy services to current and potential customers. Through its strong retail base and existing energy products, the Applicant will also provide the Rockgas business with enhanced growth and development opportunities. |
| Contact | Chris Gordon/James Martin Bell Gully P O Box 1291 WELLINGTON |