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(b)the acquisition of property (includinggoodwill and other intangible assets)if the property is located in NewZealand, used in carrying on businessin New Zealand and the total valueof consideration provided exceedsNZ$100 million.In determining whether to grantconsent, the OIO will test theapplication against the core investorcriteria, which broadly relate to businessacumen, financial commitment andcharacter. We can provide furtherdetails on the consent criteria ifnecessary.The OIO advises that, while thereis no statutory timeframe withinwhich an application for consentmust be decided, the OIO aims tomake a decision on high quality,straightforward applications, whereno third party consultation is requiredor “special land” is involved, within30 to 50 working days of the date ofregistration of the application. “Specialland” is land which includes foreshore,lakebed or riverbed.Commerce Act/Competition issuesFundamental testThe Commerce Act 1986 prohibitsproposed mergers and acquisitions ofbusiness assets or shares where suchtransactions would, or would be likelyto, have the effect of substantiallylessening competition in a market.No person may acquire assets of abusiness or shares if, as a result of theacquisition, that person or anotherperson would be, or would be likely tobe, in a dominant position in a marketin New Zealand.However, if a clearance or authorisationis given by the Commerce Commissionfor the acquisition of assets of a businessor shares, then no action may betaken against the acquisition by theCommission or any other party whilethat clearance or authorisation is in force.Clearances and authorisationsA clearance may be granted in respectof an acquisition where the Commissionis satisfied that the acquisition will not,or will not be likely to, have the effect ofsubstantially lessening competition in amarket. A party seeking clearance mustcomplete the standard application formand provide this to the Commission,which will then commence aninvestigative process, gatheringrelevant information. The CommerceAct prescribes a 10 working day periodfrom receipt of the application forreaching a decision, however this maybe extended if the parties agree. TheCommission may only grant a clearancewhen it is satisfied, on the balance ofprobabilities, that the acquisition wouldnot result in a lessening of competition.Parties have a right to appeal to theHigh Court if a decision is made not togrant clearance.An authorisation may be granted wherea proposed acquisition will or will belikely to result in a substantial lesseningof competition, if the Commissionfinds that the public benefit directlyrelated to the acquisition outweighsany detriment. The process for grantingan authorisation is much the same asthat for a clearance, however once theCommission has received the applicationform and completed its investigation,it will then issue a draft determination.This sets out its initial view and invitessubmissions from interested parties.This will usually be followed by aconference where interested partiesmay present to the Commission, beforefurther analysis and determination iscarried out. The Act provides for a 60working day timeframe from receipt of6