New Zealand’s Overseas Investment Office’s (OIO) were within their rights to approve BayWa’s 2012 buyout Turners & Growers (T&G), the country’s High Court has found.
A disgruntled group of New Zealand kiwifruit growers, known as the TFG Society, challenged the ruling in favour of the buyout, claiming terms of BayWa’s application, which was approved by the OIO pending consented requirements, had not been fulfilled.
The TFG’s case revolved around the requirement under the conditions for BayWa to “improve relationships with growers.” TFG members told the High Court they were unhappy with the way T&G had dealt with them following the BayWa takeover.They claimed to have made their displeasure known to the company, however, they suggested their complaints were not disclosed in a BayWa report into grower relations filed with the OIO. The report was a requirement of the OIO's decision to approve the deal.
Justice Simon France rejected the claim upon handing down his ruling on Thursday.“Certainly it (TFG’s complaint) was received and the evidence makes it clear that its contents have been considered by the OIO,” France was quoted by Fairfax Media. “The applicant seeks to infer from this a formal decision to accept the reporting condition has been fulfilled but that is not necessarily so.”
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