Decision
 
Consent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision makerOverseas Investment Office
Decision date28 November 2018
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of 50% of the shares in New Zealand New Milk Limited (the Applicant already owns the other 50%) and 100% of the shares in New Zealand New Milk Brands Limited.
The combined value of the assets of New Zealand New Milk Limited and New Zealand New Milk Brands Limited is greater than $100 million.
ConsiderationWithheld under s9(2)(b)(ii) and s9(2)(ba)(i) of the Official Information Act
ApplicantAspen Pharmacare Holdings Limited
Various (67.97%)
South Africa (26.98%)
United States of America (5.05%)
VendorsNew Zealand New Milk Holdings Limited
China (58.54%)
New Zealand (34.173%)
Various (7.287%)
Background

The Applicant is a global pharmaceutical and nutritional company registered and based in South Africa.

The Applicant plans to sell its global nutritionals business to a multinational dairy products corporation. The Applicant needs to acquire the shares in New Zealand New Milk Limited and New Zealand New Milk Brands Limited in order to complete the on-sale of these shares.

The Applicant has satisfied the Overseas Investment Office 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 informationMartin Thomson/Pavanie Edirisuriya
DLA Piper
PO Box 160 AUCKLAND