| Decision | Consent Declined Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 20 December 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant acquiring a 100% ownership and control interest in the securities and rights of UDC Finance Limited; the value of the consideration provided and the value of the assets of UDC Finance Limited being in excess of $100 million; and acquiring property in New Zealand used in carrying on business in New Zealand for consideration in excess of $100 million. |
| Consideration | $660,000,000 |
| Applicant | TIP-HNA New Zealand Holdings Limited China Public (25.1%) Hainan Cihang Charity Foundation, China, People’s Republic of (26.88%) Hainan Province Cihang Foundation, China, People's Republic of (20.72%) Feng Chen, China, People's Republic of (13.65%) Jian Wang, China, People's Republic of (13.65%) |
| Vendor | ANZ Bank New Zealand Limited Australian Public (91.67%) New Zealand Public (4.33%) Various overseas persons (4.0%) |
| Background | The Applicant wished to acquire up to 100% of the fully paid ordinary shares in UDC Finance Limited, a wholly-owned subsidiary of ANZ Bank New Zealand Limited. The OIO did not determine who the relevant overseas person was from the information provided about ownership and control interests. The OIO was therefore not satisfied that the test in section 18 of the Overseas Investment Act 2005 was met. |
| More information | Glenn Joblin Bell Gully PO Box 4199 AUCKLAND 1140 |
| Attachments | Decision Report (PDF 3MB) Notice of Decision (PDF 214KB) |