BP Investment Corporation
Case number(s)
Decision date
Decision Consent granted
Sections 18A, s16(1)(c)(ii), s16A(1)(a), s16A(1A) and s16(1)(g) Overseas Investment Act 2005
Decision Maker The Minister for Land Information and the Associate Minister of Finance
Decision Date 3 August 2023
Pathway(s) Sensitive land - Benefit test and significant business assets
Investment Up to 63.7% of the shares in DAIKEN Corporation
Asset Value Approximately $575,471,151
Applicant BP Investment Corporation 
Japan (63.4%)
USA (12.5%)
UK (8.3%)
Belgium (5.6%)
Hong Kong (5.5%)
Various (4.7%)
Vendor Existing shareholders of DAIKEN Corporation
Japan (88.2%)
USA (6.1%)
Europe region (4.1%)
Various (1.6%)

The Applicant is a wholly owned subsidiary of ITOCHU Corporation, a Japanese general trading company dealing in products such as textiles and machinery. 

The Applicant is acquiring shares in DAIKEN Corporation as part of an international, regulated public market transaction occurring between two major corporations in Japan. The international transaction grants the Applicant, together with its 100% parent ITOCHU Corporation, up to 100% of the voting rights and economic rights in DAIKEN Corporation.

DAIKEN Corporation hold interests in sensitive land in New Zealand which the Applicant will acquire through the international transaction. 

The main benefits to New Zealand are likely to include economic efficiencies and maintaining New Zealand’s international image. 

Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment will result in benefit to New Zealand.

More information Joshua Pringle
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010