Section 12(a) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
|Decision Date||18 April 2017|
An overseas investment in sensitive land, being the acquisition of interests in approximately 18.1502 hectares of land at 266C & D Wood Road, Waitoa.
An overseas investment in significant business assets, being the acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100 million, that property being the business and assets of:
Wallace Group Limited Partnership
Keep It Clean Limited
Wallace Corporation Limited
Modena Investments (New Zealand) Limited
The Applicant is a joint venture between Modena Investments (New Zealand) Limited and Wallace Corporation Limited. It has been established to to merge their rendering and tanning businesses and to acquire the business and assets of Keep It Clean Limited, which operates a rendering business in Abbotsford, Dunedin. Modena Investments (New Zealand) Limited is the parent company of “Farm Brands”. “Farm Brands” and Wallace Corporation Limited currently have rendering and tanning businesses throughout New Zealand, and Wallace Corporation Limited operates a casualty stock collection service in the North Island.
The partners in the Applicant intend to grow the combined businesses following the Investment, including by increasing processing capacity at Farm Brands’ rendering plant at Washdyke and Timaru and establishing a collection service to collect casualty cattle from farms in the South Island, similar to the service currently operated in the North Island.
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
Overseas Investment Regulations 2005
|More information||Pip England|
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