Earlier this month, the co-operative’s farmer shareholders voted in favour of the $270 million transaction. Once the final regulatory and legal steps required have been completed, the new joint venture will become operational.
The OIA decision said the acquisition of the shares would give Dawn Meats an indirect freehold interest in about 1285.471ha of land and a leasehold interest in about 387ha. The land mainly comprised six meat-processing plants.
The main benefits to New Zealand were likely to be improved viability of the plants operated by Alliance, retention of employment and additional capital expenditure.
Consent was granted, as the applicant met the investor test criteria and the investment was likely to benefit New Zealand.
Also in the decisions released yesterday was consent for Future Forests NZ Ltd to buy a freehold interest in about 634.2ha of land in Table Hill Rd in the Clutha district for just over $9.7million.
The applicant was a newly formed New Zealand company owned by BNP Paribas Future Forest Fund SLP (France 61%, The Netherlands 31%, Germany 7%, Luxembourg 1%).
It was acquiring the land, of which 465ha was productive forest, to continue using it for forestry purposes. It was sold by Divers Farms Ltd.
