The Government has approved the sale of the Crafar dairy farms to Chinese buyers.
In a press release just issued, Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman said they approved the new recommendation of the Overseas Investment Office (OIO) to grant consent to Milk New Zealand Holding Limited to acquire the 16 Crafar farms.
In February, the High Court ordered the Overseas Investment Office (OIO) and ministers to reconsider their assessment of the economic benefits of Shanghai Pengxin's successful offer for the farms.
The Court upheld contention made by a group of rival bidders that the OIO and ministers did not assess the economic benefits of Shanghai Pengxin's bid correctly. However he dismissed the group's claim that Shanghai Pengxin lacked the necessary business experience and acumen to run the farms.
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