DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date18 December 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of the rights or interests in 25.7% of the shares of Barenbrug Holdings B.V which owns or controls a freehold interest in approximately 227.8026 hectares of land at Canterbury.
Asset Value$13,356,000 being the latest valuation of the land at Canterbury.
ApplicantDow AgroSciences B.V
Dow Chemical Company, United States of America (100.0%)
VendorBarenbrug Holdings BV
Hubertus Josephus Maria Barenbrug, Netherlands (62.1%)
Bastiaan Barenbrug, Netherlands (16.85%)
Frank Barenbrug, Netherlands (16.85%)
Dutch Public (4.2%)
Background

The proposed overseas investment in New Zealand results from a much larger transaction that the Applicant is undertaking globally, involving assets in the Netherlands, Luxembourg, France, the United Kingdom, the United States of America, China, New Zealand, Australia, South Africa, Argentina, Brazil, Romania, Belgium, Poland and Denmark.

The objects of the Applicant are to discover, develop, produce and sell products and services for the agricultural industry, with an emphasis on chemically, biologically or genetically derived products for crop protection, non-crop pest control and plant protection and enzymes, polymers, food, feed, fibre and other products that are produced from micro-organisms, plants or animals.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of jobs
17(2)(a)(ii) – New technology
17(2)(a)(iv) – Greater efficiency or productivity

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(d) – Owner to undertake other significant investment
28(e) – Previous investments

More informationMei Fern Johnson
Russell McVeagh
PO Box 10-214
WELLINGTON