DecisionConsent granted retrospectively
Section 12(b) Overseas Investment Act 2005
Decision date11 September 2014
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of ADM Malting LLC which owns or controls:

  • a freehold interest in approximately 5.9229 hectares of land at 56 Wings Line, Marton; and
  • a freehold interest in approximately 3.2638 hectares of land at 8 Bremners Rd, Ashburton.
Consideration$17,982,000
ApplicantMalteurop Groupe S.A.
France (100%)
VendorArcher Daniels Midland Company
United States of America (100%)
Background

Malteurop Groupe S.A. is a European based corporation specialising in the malt industry. The overseas investment was part of a larger international transaction between Malteurope Groupe S.A.’s and US based ADM Malting LLC, with the acquisition of the New Zealand assets a downstream effect of that transaction. The Applicant planned to install an additional silo on the relevant land.

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)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations

More informationTessa Baker
Chapman Tripp
PO Box 2206
AUCKLAND 1140
Retrospective penaltyNo penalty applied