A rival group wanting to buy the Crafar farms will be back in
court today trying to prevent their sale to a Chinese
company.
Milk New Zealand Holdings, a subsidiary of Shanghai Pengxin
Group, is set to buy the 16 farms after the Government last
week approved the sale, reportedly worth $210 million,
following advice from the Overseas Investment Office.
The Crafar Farms Purchase Group, which is led by Sir Michael
Fay and includes farmers and iwi, is challenging the sale in
a judicial review at the High Court in Wellington.
Sir Michael's group, which made an unsuccessful bid for the
farms last September, has said that if it manages to stop the
sale and buy the farms itself it would divide them up between
its members.
The farms' receivers, KordaMentha, yesterday granted a second
extension for the Chinese company to confirm the purchase,
with the unconditional sale date now set for next Tuesday.
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