Mayne Wetherell has produced a guide to doing business in New Zealand to provide overseas investors, and their advisers, with information about investing here.
The guide summarises inbound investment, immigration, investment structures, financial services regulation, tax, securities, takeovers, intellectual property, employment, land law, and trade practices.
Useful links to market events and commentary.
Co-operative ownership of Westland dairy company passes into history
This follows the High Court making the necessary orders to approve the 100 per cent sale of the Westland Cooperative Dairy Company to the Yili conglomerate - the third and last key condition that needed to be ticked off to seal the $588 million sale. Westland's farmer-shareholders have voted for the deal and the Overseas Investment Office has approved the purchase by a Yili subsidiary.
Commerce Commission grants Infratil clearance to buy Vodafone shares
The Commerce Commission has granted clearance for Infratil to buy a 50 per cent stake in Vodafone. Commerce Commission chairwoman Anna Rawlings said the commission was satisfied Infratil's proposed shareholding in both Vodafone and Trustpower would not substantially lessen competition in any relevant markets.
Public weighs in on RBNZ’s higher bank capital proposal
The RBNZ is proposing to make banks almost double the amount of capital they hold, to strengthen their finances in the event of a significant crisis. The large Australian-owned banks, ANZ, ASB, Westpac and BNZ, have made their opposition for the proposal clear, warning they would limit lending and increase borrowing costs as a result. The RBNZ's response to submissions and its final decision will be released in November.
Westland Milk shareholders vote 94 per cent in favour of sale to Yili
Westland Milk Products farmer shareholders have voted strongly by 94 per cent to accept the $588 million offer from Chinese company Yili Industrial Group. The deal now has to be given the green light by the Overseas Investment Office and approval from the High Court (with the final court hearing scheduled for 18 July).
FMA annual review of NZX published
This year’s review acknowledges the positive changes made by the Market Surveillance team during the review period and the FMA supports the NZX’s approach to the continuous improvement of the team. Liam Mason, FMA Acting Co-director of Capital Markets, said, “We are satisfied from our observations and the feedback we’ve received that the capability of the market surveillance function has improved since last year. We also support the work the NZX is doing in preparing for market developments, including the increase in algorithmic trading.”
Banks, insurers should expect more intrusive RBNZ
"Regulated entities can expect our supervision to be more intrusive, in seeking evidence that attestations are merited and verifying compliance, and that we will intervene and enforce our requirements," Deputy Governor Geoff Bascand said in a speech on renewing the Reserve Bank's approach to financial stability.