|Date||14 October 2005|
|Ultimate applicant beneficial ownership||100 percent - Australia, Australian Public|
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||100 percent|
|- Share proposed||100 percent|
|Offeree(s)/seller(s)||Foodland (NZ) Holdings Limited|
100 percent - Australia, Foodland Associated Limited
|Business activities||Wholesale & Retail Trade - Personal & Household Goods|
|Details of land involved|
99.3468 hectares of leasehold comprising:
|Consent Sought - 1995 Regs||To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Progressive Enterprises Holdings Limited.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
Woolworths Limited (Woolworths) has entered into an agreement with Foodland Associates Limited (FAL) and Metcash Trading Limited (Metcash), in relation to the proposed "demerger" of the FAL group of companies. The "demerger" transactions involve Metcash acquiring the Australian supermarket, franchising, and wholesale businesses of FAL (other than 20 Australian Action Stores and 2 Action Store development sites), and Woolworths acquiring the New Zealand supermarket, franchising, and wholesale businesses of FAL (together with the 20 Australian Action Stores and 2 Action Store development sites). The New Zealand businesses include the Woolworths, Countdown, and Foodtown supermarkets which will provide Woolworths an opportunity to expand its core business outside of Australia.
The proposal is likely to result in the following benefits:
|Contact||Pip England/David Dobbie|
PO Box 2206