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January to December 1997
Overseas Investment Commission
Decisions
Commentary and Index prepared by CAFCA
Contents
January 1997 decisions
Barenbrug of the Netherlands buys Agriseeds
AAPC of Australia buys Novatel Auckland and Holiday Inn Queenstown
Cerebos Gregg’s and Rio Beverages Ltd set up New Juice Ltd
Morgan and Banks of Australia buys remaining 65% of Aotearoa branch
Sitel of the U.S.A. buys Telebusiness New Zealand Ltd for $14 million
CBD New Zealand Ltd buys Jetset Centre, Auckland, for $12,500,000
Waihi gold mining companies buy more land for the Martha Hill Mine
Izard Irwin of the U.S.A. buys 28 ha. of land by its Wellsford factory
Singapore company buys Foxton land occupied by BTR Nylex
Coca-Cola Amatil buys one hectare of land to expand its Auckland Head Office
Land for forestry
Other rural land sales
February 1997 decisions
Brierley buys TNT out of Union Shipping, merges it with Groupe Bollore
Skellerup/Maine Investments sells Lime and Marble/DML Mining
Lion Nathan sells NZ Wines and Spirits assets to Australian Liquor Marketers
Agroforestry sells remaining 25% share of Mangamuka Forest to China
Australian trust and Fulton Hogan buy Howick land for subdivision
Neil Construction of Malaysia buys Massey land for subdivision
Clear leases four hectares in North Shore City for new headquarters
Religious retreat established by Thai Buddhists with “business acumen”
RII and Rayonier form joint venture in Northland
Other land for forestry
Other rural land sales
March 1997 decisions
Bunge and Goodman Fielder both get approval to take over Defiance
Prudential of the U.K. buys NZI Life from General Accident of the U.K.
Viaduct Basin land sold by Turners and Growers to Heng Holdings of Singapore
Kiwi Income Properties buys Hong Kong Bank House, Queen St, Auckland
Australian company buys Timeout Northlands in Christchurch
Carter Holt buys forestry rights on 19 ha. at Brightwater, Nelson
Application to buy land for lifestyle purposes on Great Barrier Island refused
Other rural land sales
April 1997 decisions
Britomart Group consortium buys historic central Auckland land from Council
Computershare of Australia buys Registry Managers, share register
CBD NZ buys Gosling Chapman Centre and DDB Pinnacle, Auckland
Singaporeans buy Kaiapoi land adjoining historic place, for cattle breeding
Retrospective approval to Morgan & Banks for share of local namesake
CBA bank buys Leaseway Transportation Ltd
Korean company buys five ha. in Manukau City for factory/warehouse
U.S./China consortium increases interest in Richina Pacific by 10.73%
Universal Homes of Singapore buys more land in Auckland for subdivision
Wilbow Corporation buys four hectares for subdivision at Tauranga
Milburn buys further 18 hectares from Crown for Auckland quarry
Land for forestry
Other rural land sales
May 1997 decisions
Evergreen buys Fletcher’s forests in South Auckland and Coromandel …
… and in Manukau City …
… and makes another purchase at Pouto, Northland
JANZ of Japan buys world’s biggest natural sausage caser, NZ Casing Co
Blue Star acquisitions continue with McCollam Printers
Malaysian companies take up to 35% of Colonial Motor Company
Onex Corporation of Canada takes over Air New Zealand’s catering services
Telecom buys out Motorola’s cellphone reseller business
Singapore interests buy Sheraton Rotorua
CanWest into forestry near Te Anau
Other rural land sales
June 1997 decisions
French/U.K. consortium to run Papakura’s water supply
Weyerhaeuser buys Fletcher’s 17,000 hectares in Nelson/Marlborough
CanWest takes over Frader Group
Promet of Malaysia gets consent to buy Princess Wharf in Auckland
MMI of Australia takes over FAI of Australia
ICI buys National Starch and Chemical, and Quest International, from Unilever
Hong Kong owned Bermuda company buys Symonds St site from Nauru Govt
Two Malaysians buy land in Takapuna for $4m for residential development
Land for forestry
Another refusal: U.S. citizen declined permission to buy land in Canterbury
Other rural land sales
July 1997 decisions
Freightways breaks up: sells CHEP to Brambles and Armourguard to Tyco
TransAlta restructures interests in Wellington, Stratford and Southdown
SaskTel of Canada takes 35% of Saturn Communications
Utilicorp gets retrospective consent for a further 0.16% of WEL Energy
Brierley Investments buys Harrah’s 12.5% share in Sky City casino
Itochu buys remaining 49% of South Wood Export, with 2,307 ha. land, for $4m
Other Land for forestry
More refusals: German refused land in Northland, Venezuelan in Bay of Plenty
Other rural land sales
August 1997 decisions
AUSDOC of Australia buys express freight subsidiaries from Freightways
Tribune Group of the U.S.A. buys Shortland from Wilson and Horton
Kiwi Income Property buys further land on Mt Wellington Highway, Auckland
Calidore Group of the U.K. acquires Keystone Solutions Ltd
Tourism Asset Holdings of Australia buys Novotel Wellington
Property in The Strand, Parnell, Auckland, sold to Hong Kong resident for $10m
Allied Foods buys four ha. of land in Otahuhu to rebuild Stormonts Bakery
From one U.S. transnational to another: Snorkel sold by Figgie to Omniquip
Retrospective approval for change of ownership of Universal Beef Packers
Sale of Hawkes Bay Orchard refused
Other rural land sales
September 1997 decisions
Telecom buys out Ericsson’s cellphone operation
Dow Chemical buys leased Taranaki Regional Council land, part Maori Reserve
Iplex of Australia and Netherlands takes over James Hardie Pipelines
Mancon of Malaysia lends $6.6 million for Viaduct Basin development
Amtrust (formerly Gulf Resources) buys Price Waterhouse Centre, Auckland
Chelsea Sugar Refinery buys nine hectares leased from Ports of Auckland
Dynasty Pacific of Singapore floats its hotels
Dana Commercial Credit (U.S.A.) acquires rights to ‘Novotel’ name in Aotearoa
Sellotape restructures: sells consumer division to senior management
Venezuelan buys further land in Whakatane, despite July refusal
Hamurana Gardens, Rotorua, acquires further land
NZ Petroleum buys 8,712 hectares of forests in Taranaki, Gisborne/Hawkes Bay
Rayonier acquires forestry cutting rights to 850 ha. of land on Kawhia Harbour
Part of Woodbine Station near Queenstown changes hands
Purchase of Canterbury farm land by Taiwan company refused
Land for forestry
Other rural land sales
October 1997 decisions
Natural Gas Corporation may acquire remaining 30% of Natural Gas Waikato
AMP buys up central business district property for new property fund
Waltus floats, buys KPMG building in Auckland, Mobil-on-the-Park, Wellington
Manukau Cinemas sells Auckland cinemas to Village Force for lease back
Universal Homes of China acquires 28 hectares in Silverdale for subdivision
Neil Construction of Malaysia subdividing ten ha. at Henderson, Auckland
Australian joint venture subdividing 35 hectares at Henderson, Auckland
Mount Aitken Station, Waimate, Canterbury sold
Joint venture between Huttons and Best Corporation to own 595 ha. land
Swedish company buys two farms near Tauranga for animal serum
Southern Pacific Hotel Corporation takes DB’s 10% of Premier Hotels
Retrospective nod to ANZAC frigate contractor for land by Whangarei wharves
CablePrice (Hitachi) of Japan acquires Auckland land for sales office
General Electric of the U.S.A. buys out Weck-Pack Hire
Macraes buys more land for mining at Macraes township, Otago
Land for forestry
Other rural land sales
November 1997 decisions
Rabobank buys Wrightson Farmers Finance
Approval for Utilicorp and Mercury to take more of Power NZ and WEL Energy
Murdoch buys TVNZ’s acclaimed Natural History Unit
BellSouth buys TACS-B from Telstra
Bridgestone takes remaining 17% of Firestone NZ for $11 million
Murray International takes controlling interest in Pacific Retail
NFO Worldwide of the U.S.A. buys rest of CM Research Group for $16 million
New TV operator, Prime Television of Australia, starts up
Kiwi Income buys central Auckland property for $17.5m for $144m development
Land for forestry
December 1997 decisions
Man, Mackay and CSR join forces in sugar refining
Xena and Hercules change hands
Rexel of France buys GEC (New Zealand) and 37% of NZ Electric Lamp
Goodman Fielder’s Bluebird Foods buys Burn’s Philp’s NZ Food Industries
Credit Suisse buys Lucrum Holdings
Taiwan-based Hawera Forest Owners Association buys 668 ha. land for forestry
Ataidar Forests (U.S.A., Japan), takes Northern Pulp 435 ha. lease in Northland
U.S. firm buys Waikana Timber Company in Otautau, Southland
Trans Tasman floats 65% of its CBD properties in NZ Growth Property Trust
Other land for forestry
Georges Michel, French winery business, buys Merlens Winery in Marlborough
John Coney of Canada, owner of Morton Wines, restructures
Other rural land sales
Numbers of deleted or released decisions before appeal
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