Archive for November, 2010

AMP, AXA to merge New Zealand businesses

Comments Off | 11-30-2010

AMP and AXA Asia Pacific have signed binding transaction documents after finalizing of the initial due diligence of their proposed deal. The two firms, AMP and AXA Asia Pacific have taken another step in their planned A$13 billion [NZ$17b] merger after this signing.
The transaction document set out the key commercial terms to allow the merger [...]

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Posted in Foreign Direct Investment/FDI New Zealand, General | Read More

Cloud Plus acquires the local business operations of Telarus

Comments Off | 11-29-2010

Former Telarus chief executive officer and co-founder Jules Rumsey has set up a new local business venture called Cloud Plus by purchasing the New Zealand based business operations of his former firm Telarus. Telarus is a Trans-Tasman, infrastructure-based service provider. However, Rumsey did not reveal the amount involved in the transaction, but reiterated that he [...]

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CBS shareholders approve merger with Pyne Gould Corp Subsidiary Marac

Comments Off | 11-28-2010

CBS Canterbury shareholders have approved a proposed merger with Southern Cross Building Society (SCBS) and Marac, the subsidiary of Pyne Gould Corp.
The approval is the latest of a number being sought this week. On Monday Southern Cross Building Society shareholders gave approval but a second meeting of depositers is being held. A special meeting of [...]

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Posted in Banking industry, Foreign Direct Investment/FDI New Zealand, General | Read More

Sky TV launches online TV content service iSky in New Zealand

Comments Off | 11-26-2010

In a bid to expand its dominance of TV, Sky TV Wednesday launched its online TV service; coming months after the firm announced the plans. The move is aimed at expanding the pay TV firm’s dominance and enhances its offering. However, Sky is still waiting for Telecom and TelestraClear, New Zealand’s two largest internet service [...]

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Posted in Foreign Direct Investment/FDI New Zealand, General, Telecommunications in NZ | Read More

New Zealand firm SmartPay searching for investors for cheaper funding to aid its business growth

Comments Off | 11-24-2010

New Zealand firm SmartPay Wednesday said it is keen on finding cheaper investors to offer funding for its growth plans. The firm’s listed eftpos and merchant services business model is focused on signing up customers on long-term rental contracts, which are paid back monthly. It is however looking for additional funding to aid its growth [...]

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Posted in Finance New Zealand, Foreign Direct Investment/FDI New Zealand, General | Read More

South Canterbury Finance’s single biggest loan book liability Hyatt Regency Auckland hotel sold for $50 to $60 million

Comments Off | 11-24-2010

Collapsed New Zealand firm South Canterbury Finance sold its single largest loan book liability, the Hyatt Regency Auckland hotel for around $50 to $60 million. The Hyatt Regency Auckland hotel owed the taxpayer controlled South Canterbury Finance about $42 million.
Back in August when the firm went bust, the New Zealand government paid $1.77 billion to [...]

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Posted in Finance New Zealand, Foreign Direct Investment/FDI New Zealand, General | Read More

Sydney based funeral services provider InvoCare Limited acquires Australian and New Zealand businesses of Bledisloe Group Holdings

Comments Off | 11-23-2010

InvoCare Limited reported the execution of an agreement to purchase 100% of the shares in Bledisloe Group Holdings Pty Ltd. Bledisloe Group Holdings Pty Ltd is majority owned by Australian mid market private equity firm Propel Investments.
The transaction is inclusive of the takeover of Bledisloe’s Australian and New Zealand operations, around A$114 million Enterprise Value [...]

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Kiwi start-ups get funding for their business growth and expansion from University of Auckland Business School

Comments Off | 11-22-2010

In an effort to encourage innovativeness and growth of business ideas, the University of Auckland Business School has awarded $1 million funding to three entrepreneurs. The three entrepreneurs were winners of the University’s Business School Entrepreneurs Challenge. Biological Software Company Biomatters, environmentally friendly pesticide producer Greentide and gourmet yoghurt maker Piako have had their expansion [...]

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Posted in Finance New Zealand, Foreign Direct Investment/FDI New Zealand, General | Read More

New Zealand Prime Minister John Key warns against fears over foreign investment getting out of hand

Comments Off | 11-20-2010

New Zealand Prime Minister John Key Friday warned against fears regarding foreign investment getting out hand in the country. Foreign investments have become a contentious issue in New Zealand, having begun with the Chinese bid for the Crafar dairy empire. That bid amongst a number of rising major land acquisitions by foreigners have raised concerns. [...]

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Auckland based construction company Fletcher Building to boost its capital spending by 69% on small acquisitions

Comments Off | 11-19-2010

New Zealand, Auckland based construction giant Fletcher Building Thursday announced it is to hike its capital spending by 69 per cent in the current financial year on small acquisitions. The construction firm further said it is to organically build up its existing businesses as well. Jonathan Ling, Fletcher Building chief executive officer told shareholders the [...]

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