January to December 1994

Overseas Investment Commission
Decisions

Commentary and Index prepared by CAFCA

Contents

January 1994 decisions

Spotless of Australia takes over Taylors drycleaners

Retrospective approval: NZOG, Mineral Resources shares to United Resources

Sam Neill and family sell land, keep some, at Shotover

Other rural land sales

Internal restructuring

February 1994 decisions

Vesteys restructures its meat processing business

Bernard Matthews of U.K. buys Advanced Foods from Meat Board

Kiwi Income Property Trust buys Majestic Centre in Wellington from DFC

Allco of Australia in underwriting arrangement

MRGC of U.S.A. buys more land in Marlborough

Other land sales for forestry: Southland Plantation, Tasman, RII, ITT Rayonier

Other rural land sales

Milburn buys Cape Foulwind land of "great strategic value" from Landcorp

March 1994 decisions

Elitist residential project in Newmarket, Auckland by U.S developer

Fernhill Hotel Ltd buys land for Queenstown Hotel and Condominium

Tiong family’s Neil Construction buys 29 hectares at Albany for subdivision

Ernslaw One buys 1,330 hectares in Waitotara Valley

U.S. Blakely Pacific buys part of Matakana Islanders’ land and forestry rights

Sydney Futures Exchange to clear for New Zealand Futures Exchange

SEABIL, owned by SEA and Brierleys, becomes biggest listed property owner

Van Heeren takes shares in Tranz Rail

M.I.M. subsidiary, Highlands Gold, set up to take over prospecting licences

Other rural land

Internal restructuring: Toyota Finance; Sumitomo rearranges Nelson Pine

April 1994 decisions

Utilicorp transfers its shares in WEL between subsidiaries

Guiness Peat subsidiary buys Medic Aid from Manchester Unity

Griffins Foods of France buys Best Corporation

CDL Hotels buys Kingsgate International Corporation

SEABIL buys Fletcher properties

G.E. Crane of Australia buys Mico Wakefield

Air Express of the U.S.A. buys Banner International

Pacific Group of Singapore buys out Singaporean 55% of The Habitat Group

Prudential Assurance of the U.K. to redevelop Riccarton Mall, Christchurch

Pacific Dunlop of Australia takes over Tyree Power from Swedish owner

Agroforestry Development sells 75% of shares to Chinese government

ITT Rayonier has approval to buy forestry on Matakana Island

MRGC (U.S.A.) buys 85 year forestry right over 37 hectares in the Wairarapa

Fletchers and RII of the U.S.A. buy 524 hectares in Nelson

Ernslaw One buys 1,665 ha. in Manawatu, 1,500 ha. forestry right in Southland

Other rural land

BNZ Capital Issue issues shares to BNZ

May 1994 decisions

Databank sold to EDS of the U.S.A.

Mount Hutt Skifield sold to Mount Cook Group

Howard Smith of Australia buys Benchmark chain from Burns Philp

ANZ subsidiary buys BIL subsidiary

Alliance sells wool topmaking business to joint venture with French company

SEABIL public share float

AMP, then ASB, buy part of the ASB Bank Centre, Auckland from Fletchers

AA sets up insurance company with GIO of Australia

NRG of the Netherlands reorganises its subsidiaries

CML Building, Auckland, bought by New Zealand Land of Singapore

Groundwater Technology of the U.S.A. sets up in Aotearoa

Lady Herbert sculpts and conserves on the Coromandel Peninsula

Other rural land sales

Internal restructuring: Arnott’s, Stenhouse/Bluepoint and Westpac

June 1994 decisions

Downer sold by Brierleys to Paul-Y of Bermuda and Hong Kong

New Zealand Aluminium Smelters (U.K./Japan) expanding Tiwai Point smelter

Damba office equipment taken over by CHG of Malaysia

NRG reinsurance of Netherlands taken over by Group HDI of Germany

Retrospective approval for Hong Kong company to buy 36% of U-Bix

Half of Kiwi Cable taken by UIH New Zealand Inc of U.S.A.

Tegel, owned by Heinz of U.S.A., buys part of Papakura road

Thomson of Canada buys Brooker and Friend, law publisher

Westpac sets up Lease discounting subsidiary

Japanese buyer of 21 hectares of Tauranga land for housing subdivision

SEABIL restructures

Cathedral Square Housing Corp building, Christchurch, to Jegual of Singapore

Tiong company (Malaysia) buys 127 ha. land from Housing Corporation

Singapore/Brunei company buys four ha. Auckland land for townhouses

Skellerup buys Smiths Horticultural

Gourmet Paprika of Netherlands leases Helensville land for pepper production

Other rural land sales

Black family restructures interest in Mendip Hills Station

Guinness Peat reorganises interest in Medic Aid

Pitman-Moore New Zealand (of U.S.) now owned through Australia

FAI sells 180 Molesworth St, Wellington to subsidiary

July 1994 decisions

Macraes Mining buys land at Macraes Flat containing historic mining sites

Bankers Trust of U.S. increases shareholding in St Lukes Group

Arnott’s of Australia takes over The Kohi Biscuit Company

Share issue by Max Resources

CDL Hotels finances Kingsgate chain, Waitangi and Queenstown hotel buys

Freight forwarder, Kuehne and Nagel, Switzerland, buys Mangere property

Global Asset Management (Hong Kong) can buy 45% of U-Bix

Rayonier of U.S.A. to buy 129 ha. in Clifford Bay, Marlborough

Wenita of China buys saw millers in Balclutha

Other rural land sales

Wenita reorganises shareholdings

August 1994 decisions

Tiong family (Malaysia) reorganises ownership of Ascot, Himley, Neil Group

Cadenza (Guernsey, U.S.A.) reorganises ownership of Wilson Neill

Comalco sets up own companies to upgrade Tiwai Point: locals unhappy

Guinness Peat takes over New Zealand Guardian Trust

Mirvac of Australia sets up in Aotearoa to develop services Department blocks

Manders of the U.K. buy Morrison-PIM from Skellerup

Agri-Trust set up to buy farms

Other rural land

Westpac restructures subsidiaries

Driehoek Banket takes U.K. parent’s interest in NZ Wines and Spirits

September 1994 decisions

Part-Japanese consortium buys Seafield meat works from collapsed Fortex

TransTel (U.S.A.) sets up, increases share in Winterfield Telecommunications

New Zealand Rail leaves Clear Communications

Skellerup (now an overseas company) takes over Levenes

Macraes Mining (Australia) to develop Globe-Progress gold mine near Reefton

Neil Construction (Tiong family, Malaysia) buys 31 ha. in Albany

General Accident sells Auckland properties to subsidiary Britania Properties

Southern Farm Trust, investor in prime farm land, sells trust units overseas

Other rural land

Tee (Singapore) increases shareholding in Sintau Ltd

General Accident sells half interest in 151 Queen St, Auckland to subsidiary

October 1994 decisions

Landcorp Property privatised to CDL (Singapore) subsidiary

Monorail proposed between Wakatipu and Milford by Singapore consortium

Taylors (54% Spotless of Australia) taking over of Health Support Services

Harrah of U.S.A., Auckland Casino operator, starts up

Hotel Royal of Singapore buys Grand Complex in Wellington

Macquaries Bank (Australia), Prudential (U.K.) buy Farmers Centre, Auckland

Virgin Islands registered Japanese company to buy government stock

Ernslaw One (Tiong family, Malaysia) buys 149 ha. Gore farm to dump bark

Ernslaw buys four farms totalling nearly 3,000 ha. near Dannevirke

Neil Construction (Malaysia) buys 20 ha. at Albany for subdivision

Prudential (U.K.) reclaims control of Morton Estate

Morton Estate buying 16 ha. vineyard at Clive, Hawkes Bay

Chinese-owned NZ National Trust to attract Asian investment to primary sector

Other rural land

Hong Kong Bank option on Momona Airport property from Dalhoff and King

BNZ (National Australia Bank subsidiary) buys Braccleigh from NAB for $2,000

Elliot Family moves asset to Guernsey subsidiary

November 1994 decisions

Government Computing Services sold to EDS, General Motors subsidiary

Utilicorp of U.S.A. may take up to 37.5% of Power New Zealand

Tasman Properties makes share issue to SEA group (Hong Kong)

Pan Pacific Hotel, Auckland, sold to Carlton Hotels of Hong Kong

Rotorua Lakeside Resort sold to Challenge Company of Thailand

Holiday Inn, Queenstown, to Kumars of Singapore and financial consortium

CDL (Singapore) may buy all of Kupe

Singapore Government to take 20% of BellSouth New Zealand

Kiwi Income (Canada), NZ Land and Pacific Group (Singapore) property deals

Wolters Kluwer (Netherlands) buys Canterbury Educational

RII Marlborough (U.S.A.) buys 429 ha. in Hunterville and 786 ha. in Northland

Wenita takes options over Otago land for timber processing plant

New Zealand Rural Properties sells eight farms to Rural Investment Trust

Danne Mora and Fulton Hogan (U.K.) buy Airlie Lodge in Howick/East Tamaki

Other rural land

Australian Gas Light moves 33.3% shareholding in Natural Gas Corporation

AMP sells properties to subsidiaries

Hong Kong company reorganises ownership of Lakeland Hotel, Queenstown

December 1994 decisions

TransAlta (Canada) buys 49% of Capital Power from Wellington City Council

Guinness Peat (U.K.) buys Turner family out of Turners and Growers

Guinness Peat sells Medic Aid to company jointly owned with Aetna (U.S.A.)

Sealed Air of the U.S.A. buys Trigon Industries

Farmers Deka (Australia) buys 36 ha. in East Tamaki for distribution centre

PepsiCo, owner of Pizza Hut, buys out Aotearoa franchise holders

Fulton Hogan (U.K.) buys Husband Construction

Richina of China and the U.S.A. buys Mainzeal Group

SEA Group of Hong Kong given permission to take over Tasman Properties

Landcorp sells 220 ha. at Taupo to Singapore Government company for resort

Erewhon Station sold to New Zealander and Australian

Kerikeri 1,605 ha. block with conservation values sold to U.S. resident

CBS Forests and Evergreen Forest (U.S.A.) merge

Juken Nissho (Japan) buys 1,078 ha. Timatanga Station and land at Matawhero

Other rural land

Internal restructuring: Bernard Matthews, Pacific Group, Serco, Tectoria

 

Numbers of deleted or released decisions before appeal