Posts tagged "Overseas Investment Office"

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...

Norway’s Tomra buys fruit sorter Compac

[13 October/ National Business Review] Tomra Systems has agreed to buy 100 percent of fruit Compac Holdings, an Auckland fruit sorting company, for $70 million. The deal was subject to approval from the Overseas Investment Office and was expected to be completed in the first quarter of 2017. Compac Chief Executive, Mike Riley said the...

OIO considers data for Silver Fern proposal

[8 August/ NZ Herald] Overseas Investment Office Group Manager, Annelies McClure said the organisation had received the information it required from Silver Fern Farms regarding its prospective joint venture with Shanghai Maling. Ms McClure added that the application was now being considered. A special meeting of Silver Fern Farms shareholders would be held on 12...

Panama Papers: Onetai farm firm treasurer directed company in Scolari tax investigation

[2 May/ Business Day] In 2013, the Overseas Investment Office recommended that ministers approve the sale of Taranaki’s Onetai Station to a Panamanian firm whose director and treasurer was also a director of a company believed to have laundered money for Luiz Felipe Scolari, the former nation soccer coach of Brazil. Overseas Investment Office Group...

Not all foreign farm purchasers ‘kosher’

[30 April/ Radio NZ Rural] Three senior executives at the centre of a failed bid to purchase 22 of the Crafar farms between 2008 and 2010 have been found guilty of fraud charges in Hong Kong. The trio were convicted of conspiracy to defraud over the planned purchase of the dairy farms. Save the Farms...

NZ open to Chinese investment, John Key tells China’s business

 [18 April/ Business Day] Prime Minister, John Key said New Zealand was open for investment while speaking to a room representing $100 billion of China’s wealth. Mr Key added that New Zealand had a fast growing economy, wanted to develop international relationships and wanted to have a higher standard of living, but did not have...

Silver Fern ‘flatout’ as venture approvals loom

 [20 January/ Otago Daily Times] Silver Fern Farms Chief Executive, Dean Hamilton said it hoped for Chinese regulatory approval for the Shanghai Maling merger within the next month or so. Mr Hamilton added that the co-operative also hoped it would receive approval from the Overseas Investment Office between April and June. The two approvals are...

Ernslaw One buys sheep and beef farm to convert to trees

[14 December/ Business Day: NZ Farmer] Malaysian-owned forestry company, Ernslaw One has been granted consent by the Overseas Investment Office to buy a 1,264 hectare sheep and beef farm near Woodville, for $5.4 million. The company intends to convert the farm into a forestry in two stages, with the first plantation starting in July 2016....

More of NZ’s farmland in foreign hands

[31 January/ The Press] Three thousand hectares of Canterbury dairying land has been approved for foreign sale. The Overseas Investment Office statistics show that 26,405 hectares of New Zealand land was transferred to foreign ownership in December 2014, with a total of 65,954 hectares of land being purchased by foreigners for the year ended December...

Woolies snaps up troubled wine firm

[4 November/ Business Day] Woolworths subsidiary, Pinnacle Drinks has acquired Marlborough wine company Isabel Estate Vineyard in Renwick from receivership. The purchase is subjected to Overseas Investment Office approval. A Woolworths spokeswoman said that the acquisition is intended to strengthen its relationships with growers and demonstrate its commitment to the region. She said that it...

Listed Chinese firm targets Lochinver and other NZ farm assets

[26 September/ National Business Review] The Shenzhen listed, Hunan Dakang Pasture Farming is running a private placement to raise $466 million in order to acquire Shanghai Pengxin Group’s New Zealand investment subsidiary, Pengxin New Zealand Farm Group from An Yuan Dairy Ltd. The deal includes 16 Crafar farms and the 75 percent stake in Canterbury’s...

Pengzin may not survive – Bill English

[12 August/ Business Day] Finance Minister, Bill English expressed his doubts about the longevity of Shanghai Pengxin, saying that corporate farming entities do not survive in the long run. Shanghai Pengxin is awaiting Overseas Investment Office approval to purchase the 13,800 hectare Lochinver Station. Mr English highlighted that farming was a low return on asset...

‘Exhaustive’ tender for Lochinver, says seller

[4 August/ NZ Herald] The quarrying and engineering firm, Stevenson Group, said that it will reinvest the proceeds from the sale of the 13,843 hectare Lochinver Station in other businesses. Stevenson Group CEO, Mark Franklin, explained the sale saying that farming is not the core business of the Group. He said that the tender process...