Decision number200520079
Application number200520101
Date4 November 2005
Offeror/applicantPRNZ Limited
Ultimate applicant beneficial ownership51 percent - Switzerland, Zuellig family
49 percent - New Zealand, Merton (Peter)
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed51 percent
Offeree(s)/seller(s)API Healthcare Holdings (NZ) Limited
100 percent - Australia, Australian Pharmaceutical Industries Limited
Business activitiesWholesale & Retail Trade - Personal & Household Goods
Details of land involvedNone
Regions involvedVarious
Total consideration$40,000,000
Consent SoughtTo acquire up to 100 percent of the securities of Pharmacy Retailing (NZ) 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire 100 percent of the shares in Pharmacy Retailing New Zealand Limited (Pharmacy Retailing). The Applicant will acquire the business of Pharmacy Retailing, with the exception of the shareholding in Pharmacybrands Limited which will be retained by the vendor. The proposal allows the vendor to exit its New Zealand wholesale/logistics operation and focus on its retail activities. Pharmacy Retailing's business is pharmacy wholesale distribution and logistics in New Zealand. The acquisition represents an opportunity for Peter Merton (a shareholder of the Applicant) to acquire an interest in the business in which he has been a senior manager, and for Interpacific Holding Limited (a wholly owned subsidiary of Zuellig) an opportunity to reinvest into a business that it previously owned.

ContactTom Bennett
Bell Gully
P O Box 4199
AUCKLAND