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Nick Wells, Chapman Tripp partner, says New Zealand investment firms are being prevented from bidding for assets in this country, due to Overseas Investment Office rules targeting foreigners. The rules classify investment funds with as little as 25% foreign investment, as foreign, even if the firm managing the fund is completely locally owned and managed. Wells says sellers of local assets often opt for lower offers from rival bidders, as the OIO can take three months to approve a bid.