Simplot (Mr Chips) Holdings has obtained Overseas Investment Office permission to buy the 34% of shares it doesn‘t own from other shareholders.

Simplot acquired the formerly listed Mr Chips in September 2008 to complement its international chip making operations.

The largest beneficiary of the buyout was Queenstown Rich Lister Eion Edgar who reportedly pocketed $38 million at the time.

Now, US-based Simplot is acquiring shares from kiwi shareholders, Balle Bros Group (15%), Angelsea Consulting (10%), Trevor Good and Jeanette Good (5%), Sinclair Long Term Holdings (3%), and Jon Davison (1.3%).

The consideration for the shares is $24.3 million.

Simplot required the OIO permission because it owns or controls the freehold interest in 2.6ha of land at 100 Kerwyn Ave, East Tamaki, Auckland.

The information sent to the OIO says that Simplot had an option agreement to buy the shares, which is exercising.

The company says it produces 3 billion pounds - or 1.36 billion kilograms - of French fries per year.