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FDI regulator clears Brazil’s JBS to take majority stake in Scott Tech

( March 31, 2016, 04:21 GMT | Insight) -- MLex Summary: New Zealand’s Overseas Investment Office has cleared Brazilian meat processor JBS Australia to acquire a majority stake in Scott Technology, the National Business Review reports. New Zealand’s Overseas Investment Office has cleared Brazilian meat processor JBS Australia to acquire a majority stake in Scott Technology, the National Business Review reports. The deal is expected to obtain High Court approval in two weeks. If cleared, the transaction will inject NZ$41 million ($28.3 million) of new capital into Scott’s industrial automation manufacturing operations. Meanwhile, the Overseas Investment Office’s processes have drawn scrutiny in the past year, with recent approvals criticized for being unlikely to bring substantial economic benefits to New Zealand, prompting a shift toward more controls being placed on foreign business owners.    ...

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