DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision date4 May 2015
Investment
  • An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Toll Holdings Limited which owns or controls a leasehold interest in approximately 8.8806 hectares of land at 223 Kioreroa Road, Whangarei.
  • An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Toll Holdings Limited.
Asset value$118,490,000
ApplicantJapan Post Co Limited
Government of Japan (100.0%)
VendorToll Holdings Limited
Australian Public (70.66%)
United States Public (14.85%)
Various overseas persons (9.89%)
United Kingdom Public (4.6%)
Background

The investment is part of an international transaction where the Applicant has made an offer to takeover Toll Holdings Limited (“Toll”), which provides integrated supply chain logistics and international delivery services across a range of industries.  Toll has a New Zealand subsidiary, Toll Group NZ Limited, which has an interest in sensitive land in Whangarei and assets valued at over $100 million.

The Applicant intends to provide the Toll companies with access to its wide network in the Japanese market and its financial resources.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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)(iv) – Added market competition/productivity

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

More informationKevin Jaffe / Jimmy Harris
Simpson Grierson
Private Bag 92518
AUCKLAND 1141