|
Databank sold to EDS of the U.S.A. Databank Systems Ltd, the computer bureau that is the clearing house for its owners, Westpac (40%), ANZ (20%), National Bank (20%) and BNZ (20%), is being sold to General Motors Corporation subsidiary, Electronic Data Systems Corporation (EDS) for an undisclosed price. Analysts’ estimates ranged up to $100 million. Databank subsidiary, Databank Investments Ltd, is part of the job lot. EDS is based in Texas, but is of special interest because it is the source of the wealth of independent (but dependably right-wing) 1992 U.S. Presidential candidate, Ross Perot. The price of his independence was shown when he sold EDS to GM in 1984. EDS employs 70,000 people world-wide (Databank employs 950) and in 1993 had revenues of $US8.6 billion. (Press, "GCS and Databank woo buyers", 26/4/94, p.31; "EDS purchases Databank", 21/5/94, p.29). Its acquisition of Databank is to give it a base for further expansion, either by further takeovers or by selling services in the region, as the Commission reports: "The proposed acquisition of Databank Systems Ltd is in line with Electronic Data Systems Corporation’s strategic plan for the Asia/Pacific area and will result in the establishment of a significant banking services organisation based in New Zealand. The Commission is advised there are plans to offer information technology services to non-banking customers as well." Currently 25% of Databank’s turnover is to customers other than its four former owners. Mount Hutt Skifield sold to Mount Cook Group The Mount Hutt Ski Area is being sold by the Japanese-owned but U.S. registered Victoria USA, Inc to Mount Cook Group Ltd, a subsidiary of Air New Zealand Ltd. Air New Zealand is 19.9% owned by Qantas (Australia), 5% by Japan Airlines (Japan) (Press, "Air NZ, BIL may take Qantas stake", 22/9/92), and Brierley Investments Ltd (37.9%) (Press, "BIL has more of Air NZ", 18/6/94, p.18). The Mount Hutt Ski Area is owned by Mount Hutt Ski and Alpine Tourist Co Ltd, but only its Mt Hutt assets are being sold to Mt Cook Group subsidiary, Sepco Holdings Ltd. The assets include 4441.5 hectares of leasehold land. The price is not disclosed, but the price was reported to be less than $7 million (Press, "Mt Cook confirms Mt Hutt buy", 4/5/94, p.33). The book value of the assets was about $15 million (Press "Group confirms interest in ski-field", 14/4/94). Mt Cook already owns the Coronet Peak and Remarkables ski areas near Queenstown. According to the Commission, "Mount Hutt is selling the assets because its parent company is retrenching worldwide and it wishes to realise all of its assets outside of Japan as soon as possible … The Commission is further advised that the proposal will result in Mount Hutt ski field returning to predominant New Zealand ownership" (!). Victoria bought the 74% of the Mount Hutt company it didn’t already own in March 1992 (see decisions for that date) for $12 million, giving a valuation of $16.2 million for the company. Howard Smith of Australia buys Benchmark chain from Burns Philp The details of the following decision were completely suppressed, other than the country of ownership, when first released. It is the purchase of the Benchmark Building Supplies Ltd chain by Howard Smith Ltd of Australia from Burns Philp and Company Ltd of Australia for A$51,000,000. ANZ subsidiary buys BIL subsidiary In a mysterious transaction described as a "short term investment effectively replacing existing financial accommodation for a term of three years, in manner which maximises the benefit to both ANZ and BIL" (one can only assume "a tax-fiddle"), an ANZ Banking Group (New Zealand) Ltd subsidiary, Endeavour Investments (New Zealand) Ltd is buying Greyloch Investments Ltd from Brierley Investments Ltd subsidiary Greymarsh Investments Ltd for a sum which "exceeds $10,000,000". Alliance sells wool topmaking business to joint venture with French company Alliance Textiles (NZ) Ltd’s wool topmaking business is being sold to a joint venture between Alliance and a French company. The French company is Prouvost Hart (NZ) Ltd, a subsidiary of Chargeurs of France. The 50/50 joint venture has $6 million in capital. "Chargeurs will provide a modern plant to replace the existing plant which is likely to produce greater efficiency and productivity." SEABIL (NZ) Ltd, subsidiary of SEABIL (NZ) Holdings Ltd, in turn 70% owned by SEA Holdings Ltd of Hong Kong and 30% by Brierley Investments Ltd, has consent for the public share float it advertised lavishly. The float was aimed at raising money to pay for the job lot of properties it bought from Fletcher Challenge. Of the share and convertible note issue, up to 44% was to go to the public, who may be "overseas persons", and up to 61% to SEABIL (NZ) Holdings. See last month for further details. AMP, then ASB, buy part of the ASB Bank Centre, Auckland from Fletchers Two decisions initially completely suppressed apart from the country of origin were released only in July 1995. Both relate to the purchase from Challenge Properties Ltd, a Fletcher Challenge Ltd subsidiary, of levels 4 to 15 inclusive, together with associated carparks in the ASB Bank Centre in Albert Street, Auckland. For some reason this was done in two steps. First ASB Bank Ltd associate company, ASB Nominees Ltd, bought the property for approximately $55 million. Then AMP Perpetual Trustee Company NZ Ltd, a subsidiary of AMP Society, bought ASB Nominees from ASB Bank Ltd for $57 million. Both ASB Bank Ltd and AMP are Australian. ASB Bank Ltd is owned 75% by Commonwealth Bank of Australia Ltd and 25% by ASB Bank Community Trust. AA sets up insurance company with GIO of Australia New Zealand Automobile Association Inc is setting up "an insurance company to supplement the services it presently offers to its members." It is AA-GIO Insurance Ltd which will be 75% owned by GIO (NZ) Ltd of New South Wales, Australia and 25% owned by NZAA. The total investment is $20 million, so NZAA is investing $5 million initially. The new company replaces AA’s longstanding official insurance company, AMI. The association ended on 31 March 1994, and the two organisations will no longer share offices. AMI, a mutual company merged from AA Insurance and SIMU, counts as one of its advantages its local ownership. GIO will start in Auckland, offering a "comprehensive range of insurance policies." NZAA has an agreement to increase ownership to 40% during the next 5 years and a provision to go to 50% in the following 5 years. (Press, "AMI unconcerned by AA venture", 17/5/94.) NRG of the Netherlands reorganises its subsidiaries NRG Victory Australia Life Reinsurance Ltd, ultimately owned by Internationale Nederlanden Group NV of the Netherlands has consent from the Commission to buy, for $10,719,000, the assets of NRG Victory Australia Ltd, also owned by the same Netherlands company. This replaces a similar consent given in December 1993 "due to a redefining of the assets being required". CML Building, Auckland, bought by New Zealand Land of Singapore Manja Enterprises Ltd, a subsidiary of New Zealand Land Ltd (70% owned by Pacific Group Ltd of Singapore), is acquiring the CML Building in Auckland, on the corner of Queen and Wyndham Streets for $11,600,000. Pacific Group is ultimately owned by Stanley and Freddie Tan of Singapore, and George Horsburgh of Aotearoa. See the April decisions for more details. Groundwater Technology of the U.S.A. sets up in Aotearoa The environmental industry is booming. Groundwater Technology (NZ) Ltd is being set up by Groundwater Technology Australia Pty Ltd, a subsidiary of Groundwater Technology Inc of the U.S.A. According to the Commission, it is advised that parent Groundwater "is a world leader in the assessment and remediation of contaminated soil and groundwater … presently there is little experience in New Zealand in that field and that the proposal will result in the introduction of experience and expertise which is becoming increasingly important with the introduction of the Resource Management Act 1991." Lady Herbert sculpts and conserves on the Coromandel Peninsula The environment is also frightfully trendy, what!
"The land" is 59.4 hectares at Carey Road, Port Charles, Coromandel Peninsula which is being sold for $110,000.
Internal restructuring: Arnott’s, Stenhouse/Bluepoint and Westpac In internal restructuring, ownership of Arnott’s Biscuits (NZ) Ltd is being transferred to Arnott’s Foods (NZ) Ltd from Arnott’s Ltd of Australia. The two "New Zealand" companies are both subsidiaries of the Australia company. Stenhouse Investment Ltd of Hong Kong is buying Bluepoint Products Ltd for $3,135,000. Both the companies are owned by Messrs V. Lo and P. Ho of Hong Kong. Westpac Group Investment - NZ- Ltd is buying Westpac Holdings -NZ- Ltd for $493 million, and is issuing 100 $1 ordinary shares to Westpac Overseas Holdings Pty Ltd for $100.
|
 |