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Local firms being caught by foreign investment rules

03 August 2010

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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.

This interview was first aired on Morning Report on 3 August 2010.

For more information, contact our Web Editorwebeditor@chapmantripp.com+64 9 357 9622

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