The proposed JBS ‘‘scheme of arrangement'', approved by a large majority of Scott shareholders in late November, means the transaction can be completed in coming weeks.
The deadline for approval was April 29, which had begun to raise concerns and frustration for shareholders, with their cash tied up in a rights issue, and for Scott to access capital raised through the scheme.
Once completed, JBS will hold a 50.1% stake in Scott. It has said it does not plan a full takeover, will leave Scott listed and retain the head office of the 125-year-old company in Dunedin.
Following the stock market announcement, late yesterday, Scott managing director Chris Hopkins said when contacted he was ‘‘surprised but pleased'' OIO approval came through yesterday.
It was signed off by Land Information Minister Louise Upston.
‘‘We expect the High Court order will take a couple of weeks; then the transaction can go through,'' Mr Hopkins said.
He estimated Scott would get about $41 million of additional capital ‘‘to accelerate its business strategy''.
Following an ODT report this week on the time being taken by the OIO to process the JBS application, a spokeswoman responded yesterday, saying the OIO had spent 52 working days considering the JBS application.
She noted that, overall, the OIO had to wait nearly three months for JBS to provide additional information so the office could assess the likely benefits of the investment.
