Posts tagged "Overseas Investment Office"

Overseas Investment Office says yes to Westland sale by Yili

(16 July/Stuff) The Overseas Investment Office is allowing Yili Group to carry out the purchase of Westland Milk Products. 94 percent of farmers had already voted in favour of the $558 million offer but the purchase had to receive OIO consent as the value of the assets and land was over $100 million. Yili is...

Ex Westland farmers want money

[2 July/Farmers Weekly] Former Westland Milk shareholders owed $11 million for their surrendered shares are asking the Overseas Investment Office to delay or stop the dairy company’s sale to Inner Mongolia Yili Industrial Group. Remaining shareholders vote on the proposed sale on Thursday but Peter Williams, a spokesman for six former Westland shareholders, says failure...

Bid to PGF to fund controversial mine?

[17 May/The Country] The Otago Daily Times understands the Clutha District Council (CDC) and Plaman Resources have discussed a possible application to the billion-dollar Provincial Growth Fund to help fund a controversial mining proposal. Plaman Resources wants to mine up to 500,000 tonnes of diatomite a year from its Foulden Hill site near Middlemarch but...

Shareholders to vote on Westland sale

[21 May/Rural Life] Westland Milk Products’ farmer-shareholders are awaiting full disclosure from their board of directors on the proposed sale of their business to Chinese company Yili for $500 million. Shareholders are expected to vote in July on the conditional sale offer to Yili. The sale requires more than 50% of the shareholder base to...

Shareholders Association voting against PGG Wrightson’s $421 million deal

[23 October/NZ Herald] The New Zealand Shareholders’ Association has said that it will vote against the deal to sell PGG Wrightson’s seed division to DLF Seeds, a Danish co-operative.  While the lobby group recognises that the offer is attractive at face value, particularly given the $292 million capital return it will trigger, it notes the...

Tegel’s plans for mega farm scuppered by OIO decision

[1 October/Stuff] Tegel’s plans to build a farm in Northland were denied by the Overseas Investment Office. It planned to build 200 sheds on a 200 hectare block near Dargaville. Tegel Spokesman, Liam Baldwin, said it was disappointed at the outcome. He added it would have created 34 jobs and been a significant step for...

Southeast Asian company offers to buy Manuka Health

[28 September/Stuff] A Southeast Asian company offered to buy for an undisclosed amount. It would be subject to Overseas Investment Office approval. Its CEO, John Kippenberger, said there was speculation the price was over $200 million, but would not confirm the actual figure. The buyer was the Hong Leong Group from Malaysia, however Mr Kippenberger...

Growing exports of New Zealand Redwood for US market

[4 September/Radio NZ] The New Zealand forestry is growing Redwood timber for buyers in California who were not allowed to cut down their own trees. There are around 8,000 hectares of commercial Redwood across 14 locations in New Zealand. Many Redwood forests date 80 to 90 years old. The New Zealand Redwood Company won approval...

Record Mr Apple performance boosts Scales Corp

[29 August/NZ Herald] Mr Apple saw its exports rise 69,480 tonnes which helped its parent company, Scales Corporation, achieve a half year profit of $34.8 million. Scales Corporation Managing Director, Andy Borland, said exports from its Mr Apple business grew 9 percent. He added export demand was strong, particularly in Asia. He noted the return...

PGG Wrightson to sell seeds division for $421m

[6 August/Stuff] PGG Wrightson Limited has agreed to sell its seed division to DLF Seeds for $421 million. The deal was subject to shareholder and Overseas Investment Office approval. PGG Wrightson said the sale amount exceeded the book value of the net assets of the division. The deal followed a review of the company. It...

Foreign forestry deal promises to support ‘billion trees’ plan

[5 August/Stuff] According to the Overseas Investment Office, a forest sale to overseas investment company New Forests was likely to advance the Government’s plan to plant one billion trees over 10 years. New Forests intended to prune more of the trees, increasing the likelihood the wood would be supplied to domestic processors. New Forests Associate...

Unintended results of investment curbs

[23 July/Rural Life] Proposals to curb foreign investment in New Zealand could have unintended consequences for the horticulture and viticulture sectors. It could result in foreign owners instead opting to buy more land and vineyards outright, defeating the efforts to keep more assets in New Zealand hands. Industry expert, Alistair King, said the proposed Government...

Big cheeses from UK and US cleared to buy farms in NZ

[2 July/Stuff] American millionaires Margaret and Gary Hirshberg are investing in New Zealand after getting approval from the Overseas Investment Office. They were cleared to buy a property near Motueka to set up an organic sheep farm and organic market garden. They also intended to do extensive native planting. The sellers got $4 million for...

Chinese owner fights access to NZ farm, says would harm NZ image

 [21 June/Stuff] Officials and the owner of a Wairarapa sheep station were deadlocked over public access to a forest hut and tramping trail. If the disagreement can’t be solved, the Overseas Investment Office has the power to order the property to be sold. The Chinese owner bought the Kawakawa station for $3.3 million in 2015....

Overseas Investment Office rejects Craigmore application to buy orchard

[1 June/Stuff] Craigmore Permanent Crop Limited Partnership Chief Executive, Che Charteris, said its application had been caught up in Government changes to foreign land ownership in light of its rebuff from the Overseas Investment Office to its application to buy a kiwifruit and avocado orchard. He added every government had the right to set new...

Scales to sell cold storage unit to US-based Emergent Cold

[9 May/NZ Herald] Scales Corp will sell its cold storage businesses to US cold chain company, Emergent Cold. The deal will be for $151.4 million. Scales Corp Chairman, Tim Goodacre, said the Group’s strengths were operating fully-vertically integrated agriculture businesses, participating in businesses with an export focus and adding value through connection to the China...

Icebreaker buyer VF Corp used sweatshop labour

[4 May/Stuff] Icebreaker was recently sold to VF Corporation, owner of a range of brands including Timberland, North Face and Wrangler, and in its consideration of the transaction the Overseas Investment Office explored allegations in relation to the company’s poor history around worker conditions, including evidence of mistreatment of workers in Asian factories over the...

US buyers given go-ahead to buy Central Otago vineyard

[8 February/NZ Farmer] The Overseas Investment Office has allowed American vineyard owners Marquis and Dianne Sauvage to purchase a 6.4 hectare block in Central Otago. This added to their already existing 24 hectare Burn Cottage vineyard located in the foothills of the Pisa Range. They plan to release a single vineyard wine off this site,...

Overseas Investment Office investigates PGG Wrightson owner Agria’s ‘good character’

[11 January/ NZ Farmer] The OIO has confirmed that it is investigating whether Agria, the 50.22% owner of PGG Wrightson, is off good character given its delisting by the New York Stock Exchange, the company’s public statements that it had received subpoenas from the US Securities and Exchange Commission and allegations made against the company...

Govt to reveal plan for foreigners buying NZ farmland

[28 November/ Radio New Zealand] Associate Finance Minister, David Parker has announced that the government would reveal its plan to deal with existing applications for foreign purchases of farmland in the next few days. Mr Parker explained that the new approach would be around how existing criteria were applied, rather than changes to the criteria...

Significant investment will enable massive expansion for Timaru apple business, owners say

[6 August/Stuff] Kerrytown Orchards LP has received approval to buy an 18.68-hectare land parcel in South Canterbury. The Overseas Investment Office was told the $760,000 investment would further the company’s orchard expansion in South Canterbury. The new land is planned to be used as a Honeycrisp apple orchard, and the company will export the fruit...