DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date26 September 2016
InvestmentAn overseas investment in significant business assets, being the acquisition under which the Applicant will own 39.99% and may own up to 50.01% of the issued share capital of Glencore Agriculture Limited, the value of the New Zealand assets of Glencore Agriculture Limited and its 25% or more subsidiaries being greater than $100m.
Asset Value$135,000,000 in New Zealand
ApplicantCanada Pension Plan Investment Board and CPPIB Monroe Canada Inc
Canada Pension Plan Investment Board, Canada (100.0%)
VendorGlencore plc
Various overseas persons (68.47%)
Qatar Investment Authority, Qatar (9.25%)
Ivan Glasenberg, Switzerland (8.42%)
United States Institutional Investors, United States of America (8.04%)
BlackRock, Inc, United States of America (5.82%)
Background

The Applicant wishes to deepen its involvement in the agricultural sector in order to diversify its investment portfolio. The Applicant considers the Vendor to be an appropriate partner to achieve this as the Vendor is a leading integrated agribusiness.

The Vendor intends to use the consideration for the Investment to reduce debt. It also notes that the Investment provides an opportunity to enter into a strategic relationship with a well-recognised professional investor.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationSilvana Schenone
Minter Ellison Rudd Watts
PO Box 3798
AUCKLAND 1140