Decision number200520090
Application number200520118
Date30 November 2005
Offeror/applicantSara Lee Holdings (NZ) Limited
Ultimate applicant beneficial ownership100 percent - United States of America, Sara Lee Corporation
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Nutri-Metics International (Australia) Pty Limited of Australia
Business activitiesWholesale & Retail Trade - Personal & Household Goods
Details of land involved3.3135 hectares of freehold situated at 20-24 Lorien Place and 25 Arwen Place, Manukau City, Auckland being CTs NA40D/967, NA40D/968, and NA33D/477 (North Auckland Registry).
Regions involvedAuckland
Total consideration$4,836,092
Consent Sought - 1995 RegsTo 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 Nutrimetics International (NZ) Limited.
Rationale

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.

The Applicant (Sara Lee) is a wholly-owned subsidiary of Sara Lee Corporation, a United States of America based publicly listed company. Sara Lee Corporation's business includes the manufacturing and marketing of food and beverage, branded apparel, and household and body care products. This application is for a retrospective consent to acquire the shares in Nutrimetics International (New Zealand) Limited (Nutrimetics), a company whose business comprises two divisions being skincare and bodycare product manufacturing, and direct selling of skincare and bodycare products. The acquisition of Nutrimetics enabled Sara Lee Corporation to expand its direct selling business in the Asia Pacific region.

The proposal has resulted in the following benefits:

  1. increased productivity; and
  2. the development of new export markets.
ContactCraig Nelson/Philippa Wright
Simpson Grierson
Private Bag 92518
AUCKLAND