|Decision||Consent granted retrospectively|
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
|Decision maker||Overseas Investment Office|
|Decision date||30 October 2018|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Linde AG which owns or controls a freehold interest in 3.9161 hectares of land at 970-992 Great South Road.|
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Linde AG, the value of the New Zealand assets of Linde AG and its 25% or more subsidiaries being greater than $100m.
Enceladus Holding Limited, Ireland (50.0%)
Cumberland Corporate Services Limited, Ireland (50.0%)
|Vendor||Shareholders of Linde AG and Praxair, Inc.|
United States Public (53.6708%)
Various overseas persons (25.1172%)
United Kingdom Public (9.252%)
Germany Public (5.1536%)
Canada Public (2.236%)
French Public (2.22%)
Swiss Public (1.7368%)
Japanese Public (0.6136%)
|Background||The newly created company Linde plc sought consent to merge and combine the businesses of Linde AG and Praxair Inc (two multinational industrial gas companies) into Linde plc. Once the merger is complete Linde plc will have assets of approximately NZ$64.6 billion and will be one of the four largest industrial gas companies in the world.|
This upstream transaction changes the ultimate ownership of the Linde Group, which owns industrial land in Auckland. It does not affect the day-to-day operations of the Linde Group, which trades in New Zealand as BOC.
The Applicant has satisfied the OIO that the Investment is likely to be of benefit to New Zealand. The Linde Group entered the New Zealand market in 2006 and has undertaken a number of previous investments that are of benefit to New Zealand. It employs 265 staff and has engaged in several projects that address New Zealand’s industrial gas production, purification and storage needs.
Furthermore, refusing consent for the application would adversely affect New Zealand’s trade and image overseas.
The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.
|More information||Tim Tubman|
PO Box 2206