Decision number200620003
Application number200610115
Date7 July 2006
Offeror/applicantGE Fleet New Zealand
Ultimate applicant beneficial ownership100 percent - United States of America, General Electric Company
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Bank of New Zealand
100 percent - Australia, National Australia Bank Limited
Business activitiesProperty & Business Services - Business
Details of land involved2.0234 hectares of leasehold situated at 50 Morrin Road, Mt Wellington, Auckland being CT 198186 (North Auckland Registry).
Regions involvedAuckland
Total consideration$142,948,450
Consent SoughtTo acquire up to 100 percent of the shares of Custom Fleet (NZ) Limited.
Rationale

The application has been approved as it met the criteria.

The Applicant is part of the General Electric Company (General Electric) group. General Electric which is listed on the New York Stock Exchange operates a wide range of manufacturing and service divisions internationally though six business units, GE Infrastructure, GER Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare, and GE Consumer Finance.

GE Fleet New Zealand (GEFNZ) proposes to acquire 100 percent of Custom Fleet (NZ) Limited (Custom Fleet) from the Bank of New Zealand. Ultimately the Custom Fleet business will be amalgamated with fleet leasing and management business of GE Capital Fleet Services New Zealand Limited (GECFSNZ), a related company to GEFNZ. The proposed acquisition is part of an acquisition of the Custom Fleet businesses in New Zealand, Australia and the United Kingdom. The acquisition of Custom Fleet is an opportunity for GECFSNZ to expand its New Zealand business and extend the range of financial products and fleet services it offers to its customers.

The proposal is likely to result in the following benefit:

  1. enhanced domestic services in New Zealand.
ContactStephen Lowe/Justine Tuite/Joelle Wales
Chapman Tripp
P O Box 2206
AUCKLAND