Decision number200620047
Application number200620053
Date20 September 2006
Offeror/applicantRank Group Australia Pty Limited
Ultimate applicant beneficial ownership100 percent - New Zealand, Hart (Graeme Richard)
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current38.0375 percent
- Share proposed0 percent
Offeree(s)/seller(s)Shareholders in Burns, Philp & Company Limited other than Rank Group Limited
89.13 percent - Australia, Australian Public
10.31 percent - New Zealand, New Zealand Public
0.56 percent - Various, Various overseas persons
Business activitiesManufacturing - Food, Beverage & Tobacco
Details of land involvedNone.
Regions involvedVarious.
Total consideration$1,538,267,022
Consent soughtTo acquire rights and interests in up to 100 percent of the shares of Burns, Philp and Company 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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Rank Group Australia Pty Limited, a wholly-owned subsidiary of Rank Group Limited, proposes to acquire all of the shares in Burns, Philp & Company Limited (Burns Philp) which are not already held by Rank Group Limited and its subsidiaries. Burns Philp's New Zealand investments include its wholly-owned subsidiary Bluebird Foods Limited and a 20 percent shareholding in Goodman Fielder Limited. Rank Group Limited's rationale for the investment is that Burns Philp having recently divested a number of its investments it is timely to consolidate the interests of Rank Group Limited and Burns Philp into one privately owned group structure.

ContactGavin Macdonald/Glenn Joblin
Bell Gully
P O Box 4199
AUCKLAND