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January to December 1996
Overseas Investment Commission Decisions
Commentary and Index prepared by CAFCA
Contents
January 1996 decisions
New law comes into effect
Hansol of Korea forms East Cape joint venture with Ngati Porou
Bank of Scotland’s Countrywide Bank, bids for Housing Corp mortgages
Auckland Regent Hotel sold to Singapore company
U.S. investment fund T/A Pacific, buys 35% of Dairy Brands
Gulf USA Corporation takes full control of Gulf Resources Pacific Ltd
Mitsui leaves Greymouth Coal Ltd, sells shares to Kanematsu
525 hectares in Bay of Islands to Canadian for tourism and forestry
Land for forestry
Other rural land sales
Internal restructuring: CDL and Te Maori Lodges
February 1996 decisions
Only independent drug manufacturer sells “Karitane” to baby food pariah
Skellerup, 25th biggest company in Aotearoa, now an overseas company
Blue Star Group sold to US Office Products Company
British Telecom takes 25% of Clear
Tiongs take complete control of Regal Salmon
Hectare of Auckland CBD land sold to Singapore company for $12m
More land bought to extend the Waihi gold mine
Land for Forestry
Other rural land
Internal Restructuring
March 1996 decisions
GWR of the UK buys Independent Broadcasting Group from Brierleys
Unilever buys Helene Curtis; may close Christchurch plant
Sovereign Assurance buys FAI Metropolitan Life
Blue Star buys U-Bix
Wang U.S.A. and Blue Star both get approval to take over Wang New Zealand
Leading computer software retailer, Essentially, sold to Spectrum of U.S.A.
Trans Tasman Properties buys Auckland Finance and Trade Centre
Aluminium business sold by Comalco and AHI to Fletchers, retaining land
Tranz Rail buys land from New Zealand Post for Southdown Freight Terminal
Geothermal power station at Rotokawa for Power New Zealand
More land for mining at Waihi and Waitekauri Valley
Macraes buys 226 hectares more land for gold mining at Macraes Flat, Otago
Land for forestry
Other rural land
Internal restructuring
April 1996 decisions
Radio New Zealand commercial network sold to O’Reilly
IES International of the U.S.A. sets up shop
Macquarie Gilt Edge starts up
Waste Management buys 29 hectares of Redvale land for extending landfill
Power New Zealand and Tauhara geothermal power station joint venture
Australian Pratt Group subsidiary buys seven hectares of land for factory
Tiongs sell 23 hectares of Albany land to St Lukes for shopping centre
Land for forestry
Other rural land
May 1996 decisions
Westpac takes over Trust Bank
Skellerup of the U.S.A., sells CablePrice to Hitachi of Japan
Rockgas takes over LPG supply business of BP Oil New Zealand
Electronic Mail International increases shareholding in Triumph Industries
Probo Pacific (Sweden) takes 50% of Raffles (Singapore) for $2
Sovereign Financial Services buys S.H. Lock (NZ) Ltd of the U.K.
Taiwanese buy 1 Queen St, Virgin Islands company buys 125 Queen St
UK drug firm buys farm to breed transgenic ewes with human protein in milk
Japanese-owned Kinloch Station expands for tourist development
Singaporean owners of Gulf Harbour project at Whangaparaoa reorganise
Land for forestry
Other rural land
June 1996 decisions
TransAlta of Canada completes takeover of Wellington’s electricity supply
Murdoch gets approval to buy up to 32% of Sky TV
News Corporation gets approval to buy Ansett New Zealand
Noel Leeming merges with Bond and Bond
Susan sells herself: National Media Corp. (U.S.A.) buys Prestige Marketing
US Office Products can buy remaining 49% of Blue Star Group
Emerald Capital of Canada controls ChCh Gondola and Rainbows End
DEC International of the U.S.A. buys InterAg from Carter Holt Harvey
Wharepapa Station sold to U.S. owners of Wharekauhau Station and Lodge
KIPT buys Bellsouth Centre from Auckland Regional Services Trust
Internatio Muller of the Netherlands buys Swift New Zealand from Burns Philp
Macraes Mining buys 2,260 hectares more land at Macraes Flat, Otago
Land for forestry
Other rural land sales
Shell and BP form joint venture for fuel storage terminal in Wellington
July 1996 decisions
Blue Star takes Whitcoulls
Power New Zealand takes controlling interest in BOP Electricity
Rockgas takes over Liquigas from BP
Universal Homes of Singapore buys SBSA Mortgages for $100
British Telecom sets up shop
Wanganui District Council sells leasehold land to U.S. NDG Pine for timber mill
MRGC restructures its ownership
Other land for forestry
Other rural land sales
August 1996 decisions
Works Corp privatised to Paul Y-ITC (Hong Kong) and Kinta Kellas (Malaysia)
More of Gourmet Direct, Ernest Adams’ 47% owner, to Mega First of Malaysia
Ciba-Geigy and Sandoz merge
Warner-Lambert buys assets from Glaxo Wellcome in global agreement
TransAlta merges Capital Power and EnergyDirect
Kiwi Income Property Trust buys half share of “The Palms” mall, Christchurch
Land for forestry
Other rural land sales
September 1996 decisions
First refusal for six years: “lifestyle” land acquisition declined
Forestry Corporation privatised to Chinese government/Fletchers/Brierley’s
Works Civil Construction privatised to Paul Y ITC Construction of Hong Kong
Skellerup sells its share of salt monopoly to Ridley of Australia
Blue Star buys PC Direct Ltd
Georgie Pie dies; cadaver sold to MacDonald’s
Singatronics of Singapore buys Auckland Airport Travelodge for $28.2 million
Malaysian company buys Duncan and Davies’ Taranaki plant nursery business
Richina consortium increases shareholding in Mainzeal Group
Queenstown’s Millbrook Country Club of Japan rearranges its ownership
Aral Property of Singapore and Hong Kong buys Pacific Plaza, Whangaparaoa
Milburn buys more land for quarry in Hawkes Bay
Sealed Air Corporation of the U.S.A. buys 4 hectares on Waitemata foreshore
Other land for forestry
Other rural land sales
October 1996 decisions
INL gets approval to buy all of Sky Network
Rand Merchant Bank of South Africa wants to deal in electricity
CS First Boston takes over Feltex Carpets
Heinz-Wattie of U.S.A. buys Shortland Cannery
Coca-Cola Amatil to buy PET bottle manufacturing from Carter Holt
Shriro of Hong Kong takes fuller control of Transmark Corporation
Harvey Norman Group prepares to set up shop
One U.S. company to another: Borden packaging sells to AEP
P&O has lease on Otahuhu land belonging to James Kirkpatrick Ltd
Bridgestone Japan (Firestone) takes 100% of Bridgestone Tyres (NZ) Ltd
Walter Bau-AG of Germany readies for Britomart construction
Waihi gold mining companies buy three more blocks of land in Waihi
Housing development of 200 dwellings at Gulf Harbour, Whangaparaoa
Land for forestry
Other rural land sales
November 1996 decisions
O’Reilly buys another radio network: NZ Radio Network buys Prospect
Skellerup of U.S.A. sells Levene Paint Manufacturing to ICI
Broadway Industries sell Chemstock Animal Health to IAMA, Australia
Bakery materials division of Abels sold to Swiss/Liechtenstein firm
Kiwi Income Property Trust buys four CBD properties from General Accident
St Lukes buys cnr Customs/Albert St, Auckland, from Auckland City Council
Housing subdivision of 67 ha. at Kelly’s Cove, Auckland
Industrial Subdivision by Tiongs in North Harbour, Auckland
New Zealand Land of Singapore buys rest of Greenstone Lodge, Queenstown
North Wiri Quarry, containing Waahi Tapu land, bought by Milburn
Wilbow Corporation buys more land for subdivision
Land for forestry
Other rural land sales
December 1996 decisions
Fletchers sell Hikurangi Forests to Glenealy of Malaysia to pay for ForestCorp
St Lukes buys Riccarton Mall
U.S.A./Europe consortium buys Mainguard Packaging of Christchurch
McCains of Canada buys Grower Foods Ltd in Hawkes Bay
Triangle Refrigeration of Australia merges with McAlpine Refrigeration
Land purchases totalling 408 ha. at Earnscleugh, Central Otago, for gold mine
Other land for forestry
Other rural land sales
Siemens and GEC rearrange ownership of GPT Finance (NZ) Ltd
Numbers of deleted or released decisions before appeal |
