Decision number200520089
Application number200520121
Date24 November 2005
Offeror/applicantVersacold Holdings Corp.
Ultimate applicant beneficial ownership100 percent - Canada, Canadian Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)P & O Australia Limited
100 percent - United Kingdom, Peninsula and Oriental Steam Navigation Company
Business activitiesTransport & Storage - Storage
Details of land involved1.9834 hectares of leasehold situated at 1 Smarts Road, Hornby, Christchurch being CT CB48B/948 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$60,000,000
Consent SoughtTo acquire up to 100 percent of the securities of P & O Cold Logistics New Zealand 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 (Versacold) is one of North America's leading suppliers of public refrigerated warehousing and distribution services. The proposed acquisition is part of a global transaction between P&O Australia Limited (POAL), P&O America Inc (POA), and Versacold, whereby Versacold will acquire all the share capital in the temperature controlled logistics businesses operated by subsidiaries of POAL and POA in Australia, Argentina, the United States of America, and New Zealand.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities;
  2. the introduction of additional investment for development purposes; and
  3. enhanced domestic services to the transportation and storage industries.
ContactLisa Carbines/Craig Nelson
Simpson Grierson
Private Bag 92518
AUCKLAND