| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 October 2021 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of up to 51% of the shares in Unisnack Hold Co Pty Ltd (“Target”) by Intersnack International B.V. |
| Consideration | Up to USD 485 million (being approximately NZD 691 million) |
| Applicant | Intersnack International B.V. Germany (84.5%) Italy (6.6%) Switzerland (3.2%) United Kingdom (2.5%) USA (1.6%) Belgium (0.7%) Various (0.9%) |
| Vendor | URC Oceania Company Limited Philippines (71.68%) Australia (1.03%) Various (27.29%) |
| Background | The Applicant, together with its related companies, is one of Europe’s leading manufacturers of savoury snacks. It has entered into an agreement to acquire 51% of the shares in the Target from the Vendor. The Target is an Australian company. It is the indirect parent company of NZ companies Griffin’s Foods Limited (“Griffin’s”) and Proper Snack Foods Limited (“Proper”). Griffin’s is a leading NZ snack food company. Proper produces ‘salty’ snacks. In 2019, the Applicant was granted consent to acquire 49% of the shares in Target. The effect of this consent is that the Applicant will become the sole owner of the Target. The Applicant has satisfied the investor test criterion. |
| More information | Mark Stuart |