July 6, 2010
Natural Dairy of China may buy New Zealand farms
Natural Dairy (NZ) Holdings Ltd., a Chinese company that wants to buy farms in New Zealand, has lodged an application with foreign investment regulators for approval to buy properties known as the Crafar farms.
The proposal sent to the Overseas Investment Office today (July 6) will generate jobs and export opportunities, Natural Dairy said in an email. The 16 farms were owned by Crafar family interests before their company was placed in receivership in October.
In May, receivers Michael Stiassny and Brendon Gibson of KordaMentha agreed a sale with UBNZ Funds Management Ltd., a New Zealand company associated with Natural Dairy, conditional on consent from regulators. The receivers continued to seek other buyers and the deadline for bids is tomorrow (July 7).
Landcorp Farming Ltd., a New Zealand government-owned company that runs 105 local beef, sheep, deer and dairy farms, yesterday (July 5) said it will make a bid, said Chief Executive Officer Chris Kelly.
"Natural Dairy is confident it offers the best return to creditors of Crafar farms," Vice Chairman Graham Chin said in the statement. No details of the bid were revealed.
