DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Date10 October 2016
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 11.81% of the securities and sensitive land of Taumata Plantations Limited, which owns or controls:

  • a freehold interest in approximately 111,093.5794 hectares of sensitive forest land; and
  • a leasehold interest in approximately 40,790.0529 hectares of sensitive forest land.

An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in a further 11.81% of the securities of Taumata Plantations Limited, the value of the New Zealand assets of Taumata Plantations Limited and its 25% or more subsidiaries being greater than $100m.

ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantUniSuper Limited
Australia (100%)
Vendor

Taumata I LLC
United States (100%)

Taumata II LLC
Denmark (48.25%)
United States (19.69%)
Sweden (18.00%)
Canada (14.06%)

Background

The Applicant is currently a shareholder of Taumata Plantations Limited (TPL), as to 14.09%.

TPL is a New Zealand forestry company that was incorporated in 2006 in order to acquire Carter Holt Harvey’s New Zealand forest estate. Today, TPL has a total forest estate of approximately 189,126 hectares across various regions in New Zealand.

The Vendors are currently minor shareholders in TPL that wish to exit/reduce their investment.

The proposed investment is an internal restructure, which will result in the Applicant increasing its shareholding in TPL to 25.90%.

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)(i) – Jobs
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(e) – Previous investments

More informationDavid Raudkivi
Russell McVeagh
PO Box 8
AUCKLAND