5 Feb 2014

Approval for NZ purchase no longer needed

12:47 pm on 5 February 2014

Overseas Investment Office approval for an Australian company to take full ownership of a New Zealand rural business has become redundant.

Elders Ltd in Australia was seeking clearance to take full control of the New Zealand company it half owns, Elders Rural Holdings

The application to the OIO also included eight saleyards in the North Island.

The Australian parent company wanted total ownership to prepare its rural businesses for possible sale.

The OIO granted its approval in December.

But Elders New Zealand managing director Stu Chapman says the sale was off the agenda well before the approval came through.