Decisions Table of Contents 1999

January to December 1999

Overseas Investment Commission
Decisions

Commentary and Index prepared by CAFCA

Contents

January 1999 decisions

U.S. venture capital companies take 41% of Peace Software

Tyco of the U.S.A. takes over Rhino Security

Most of Wharepapa Station to be sold and leased back

Ownership restructuring of WorldxChange Ltd, telecommunications company

Belgian owner for Dutch horse meat company in Gore

Lighthouse Hills farm near Moeraki, Otago, sold to U.S. company for $1.4m

Macraes takes interest in 101 hectare gold licence for $1

Kenyan and Swiss missionaries take $6.4m position in seven Southland farms

Equity for debt swap for undercapitalised Canterbury farm

Terako Downs, Waiau, Canterbury, sold to U.S. for $420,000

Carter Holt buys land to remove house in Maungataniwha forest

February 1999 decisions

Philippines businessman buys Lyttelton Marina land

Farmers Deka gets approval to buy Pacific Retail Group – but loses bid

Swiss Lodge buys further lake-front land in Rotorua

Abel Real Estate of Japan buys Mangapapa Lodge, Havelock North

New Zealand Forestry Group sells further land in Hawera to Taiwan residents

Cleary’s of Ireland buy 626 ha. more land in Southland and 106 ha. in Waikato

Waihi Gold buys land to “buffer” extended Martha Mine

U.S. couple buy Canterbury land for racing stud

March 1999 decisions

Edison buys 40% of Contact Energy – with approval for 100%

TransAlta buys out partners in Stratford power station

Australian Gas Light Company buys TransAlta’s Wellington gas network

Pacific Hydro, Todd Energy buy B of Plenty Electricity’s generators, retail

Lend Lease of Australia takes 25% of Morrison & Co, manager of Infratil

Sandhurst of Australia buys Eastgate Shopping Centre, Christchurch

Argent of the U.K. buys remaining 18% of New Zealand Light Leathers

Weatherford of the U.S.A. buys business of Austoil Technology

Westech Energy buys Wairoa land for gas discovery appraisal

Davidson buys out two shareholders in Wharekauhau Station

Inghams of Australia extends Waikato poultry farm

GMO, Rayonier buy 5,537 ha forestry rights, Te Awahohonu Forest, Napier

Waihi Gold buys further land to “buffer” extended Martha Mine

Trevone of the U.S.A. buys Takanini land from Carter Holt

Reorganisation of ownership of Queenstown residential development

Land for forestry

U.S. resident with “fetish” for new breeds buys third block of Taihape land

Australian owners of Waikato duck farm restructure

Netherlands company buys land to grow capsicum for export

Other rural land sales

April 1999 decisions

Application for lifestyle property in Otago refused

Waste Management collects Waste Care from French owner

United Water tenders for Hutt wastewater plant

Colonial sets up property investment trust

Newmarket Property Trust buys AA Centre in Auckland

Kiwi Income Property buys Countdown and Farmers property for Northlands

St Lukes buys Queensgate mall in Lower Hutt and secret property in Wellington

Chubb of the U.K. buys another security firm: Securitas

Daily Mail (Viscount Rothermere IV) buys XPO Group

UnitedNetworks (Utilicorp) buys office in Tauranga from Trustpower for $1

Milburn, Allied Concrete reorganise ownership of Amberley mining operation

Van Leer of the Netherlands buys Rexam’s packaging manufacturing operation

Carter Holt leases Marsden Point land from NZ Refining for wood veneer plant

More Northland land for NZ Plantation Forest Co of Japan for wood chips

Other land for forestry

Australian/Italian partnership adds Rugged Ridges Station to Otamatapaio

Other rural land sales

May 1999 decisions

Deletions, deletions

TrustPower buys Tararua Wind Power from CentralPower

General Cable Corporation of the U.S. buys cable business from BICC, U.K.

Pacific Dunlop buyout by AMP, Prudential Assurance, Catalyst, and management

Tranz Rail buys Clifford Bay land from Ngai Tahu for ferry service

FAI buys lease of Downtown House, Auckland

Barenbrug of the Netherlands buys rest of Agriseeds

Land for forestry

Brierley’s Tasman Agriculture buys another Southland farm for dairy conversion

Other rural land sales

June 1999 decisions

INL gets approval to buy Sky TV

Brierley Investments of Malaysia and Singapore buys more of Air New Zealand

SGS merges with competitor, Diagnostic Laboratory Holdings Ltd

Kiwi Income buys up more land for Northlands Mall in Christchurch

Universal Homes buys six hectares of Greenhithe, Auckland land for housing

Tiong firm, Neil Construction, buys Albany land for development

Lion Nathan buys remaining 50% of New Zealand Wines and Spirits

Carter Holt buys land under its Kawerau administration offices from Tasman

Weber Bros Circus buys land in Paeroa

Land for forestry

Kenyan and Swiss missionaries buy another Southland farm

Cleary family of Ireland buys 744 ha. more farms in Southland

Other rural land sales

July 1999 decisions

CHL New Zealand Ltd of the U.S.A. takes over Lane Walker Rudkin

Imperial buys tobacco assets after BAT/Rembrandt/Rothmans/Wills merger

U.K. investor buys 35% of Dairy Brands from Savoy Equities

Savoy and Hudson buy Auckland Hyatt and surrounding buildings

Eminence Investments of Malaysia buys Apple Fields property

Principal Financial Group of the U.S.A. buys BT subsidiaries from Deutche Bank

AUSTAR takes full ownership of Saturn Communications

Globe Wireless leases Kaitaia land for second ship-to-shore wireless station

Sterling Grace of the U.S.A. takes remaining shares in Claymore (Spicers)

Kiwi Income Property Trust can buy Auckland Royal Sun Alliance building

AMP buys land in Otara for large shopping centre

Hoyts receives retrospective approval to acquire leasehold land in Christchurch

Land for forestry

Other rural land sales

August 1999 decisions

Fletcher becomes overseas company – buys land at Papamoa and Albany

Telecom contracts out computing to EDS, builds “potentially massive” computer services group

Merger between Hoyts, Village Roadshow and Force cinemas approved

Ernest Adams taken over by Goodman Fielder of Australia

Australian Gas Light gets approval to take 49.5% of TrustPower

Rothmans buys W.D. and H.O. Wills in global merger

Caltex buys Roading Surfaces from Works Civil

Amatek (NZ) Ltd of the U.K. and U.S.A. buys Formica (NZ) Ltd for $35m

Ngai Tahu sells Te Anau “Land Bank” land to couple from Switzerland

Heinz’s Weight Watchers buys Fortuity New Zealand and prepares for sale

Clearview Communications sold to LibertyOne of Australia

Manukau City Council sells seven hectares to AMP Property Trust

Waitomo District Council sells seven hectares to McDonald’s Lime

Land for forestry

More land for Martha Mine, Waihi

Other rural land sales

September 1999 decisions

Tommy Suharto sells Lilybank Station to mate in Singapore for one dollar

Union-buster Borders books and music retail stores into Auckland

Telecom can buy up to 49% of EDS

Hussman of the U.S.A. gets retrospective approval to buy McAlpine refrigeration

Agfa-Gevaert buys Bayer subsidiary’s imaging technology business

New Taiwanese owners for Universal Beef Packers Ltd

Jhunjhnuwala family of Hong Kong reorganises Auckland properties

New Zealand Forestry Group begins selling further blocks of land in Wanganui

Other land for forestry

MacLab of Australia buys Marlborough Sounds land for mussel farming

L& M Mining buys land for Waikaka mining project near Gore in Southland

More land for Martha Mine, Waihi

Yates buys out lease on Makarewa peat factory land

Singapore resident buys Te Anau land for holiday home – whoops, for tourists

Subdivision land to Fletcher’s in Browns Bay, Auckland, and Taradale, Napier

King Country 3,616 ha. Puketiti Station sold to U.S. buyer

Further land near Moeraki, Otago, sold to U.S. company

Other rural land sales

October 1999 decisions

Sonic Healthcare of Australia buys out SGS from SGS Medlab

Victoria University sells its Internet Service Provider, Netlink, to Telstra

GSL Capital of the U.K. may acquire Tasman Forests from Fletchers…

… Fletcher Canada has approval to acquire Fletcher Paper …

… and Fletcher Challenge buys more land for subdivision in Manukau City

MYOB of Australia buys CA-Systems accounting software for $22m

521 ha. Dannevirke farm to U.S. owner for conversion to forestry

Marlborough’s 9094 ha. Glazebrook Station in Waihopai Valley to U.S. buyers

Tegel buys Drury land to “lessen bio-security hazards” and expand hatchery

Other rural land sales

November 1999 decisions

Singapore interest makes Auckland International Airport an overseas company

Westpac buys more mortgages from the Housing Corporation

L. and M. Mining buys Perilya Mines and the Earnscleugh Gold Project

Kirin of Japan increases its shareholding in Lion to 47.4%

Aral of Singapore and Hong Kong buys rest of Whangaparoa shopping centre

Universal Homes buys more land for subdivision in North Shore, Auckland

Tiong firm, Neil Construction, buys Waitakere land for development

McDonald’s Lime buys extends Oparure Quarry near Otorohanga, Waikato

Craigpine buys land for buffer around its Winton sawmill

Other land for forestry

Greg and Nancy of the U.S.A. to build “elite” summer ski lodge in Wanaka

Pahiatua “Village Project” is commercial but “humanitarian”

More land for Martha Mine, Waihi

Other rural land sales

December 1999 decisions

Refusal of lifestyle property purchase in Canterbury

Carter Holt divestment gives Evergreen 5,700 ha. of Gisborne forest for $21m

Singapore company buys further property in Newmarket, Auckland

L. & M. Mining’s Mintago buys Conservation land for Earnscleugh Gold Project

Land for forestry

Other rural land sales

Numbers of deleted or released decisions before appeal