Wednesday, 01 February 2012 08:42

Crafar Farm deadline extended

Written by Sudesh Kissun

font size decrease font size increase font size
Print
Email

The purchaser of Crafar Farms has been given another two days to go unconditional on the sale.

Shanghai Pengxin Group, which received OIO approval last week, has until tomorrow to finalise the deal with receivers KordaMentha. The receivers had set an initial deadline of January 31.

In a statement KordaMentha says the extension will allow Shanghai Pengxin to "deal with some final matters in its OIO approval".

A local consortium which made an unsuccessful bid for Crafar Farms is challenging in court the Government's decision to approve a Chinese buyer.

The Crafar Farms Purchase Group says the sale of Crafar Farms to Shanghai Pengxin "is wrong in law".

It warns if not overturned by Judicial Review, the decision sets up open season for any foreign buyers wanting New Zealand land.

The group is the highest New Zealand bidder offering $171.5 million for the 16 farms. The Government's farming SOE, Landcorp made a lower bid for the farms.

The court action filed last Tuesday is expected to be heard this week in the High Court at Wellington.

More like this

PGG Wrightson Revenue Tops $1.1b as Profit Jumps 46%

After delivering a strong financial year, rural trader PGG Wrightson says the coming months will depend on customer confidence and weather.

Fonterra Opens Upgraded Chengdu Application Centre

Fonterra has opened its upgraded Chengdu Application Centre, bringing New Zealand dairy expertise closer to customers in one of China's fastest-growing regions.

Stephen Allen to Step Down as Tatua Chair After 23 Years

Tatua chair Stephen Allen says he leaves the co-op with a deep sense of gratitude for the people who have contributed to its success.

Ravensdown Returns to Profit, Approves $15/Tonne Shareholder Rebate

Ravensdown has reported a net profit before tax and rebate of $50.1 million for the year ended 31 May 2026.

Open Country opens butter plant

When American retail giant Cosco came to audit Open Country Dairy’s new butter plant at the Waharoa site and give the green light to supply their American stores, they allowed themselves a week for the exercise.

Featured

Editorial: Time to Boost Organics

OPINION: The time has come for the Government to back the organic sector.

El Niño Warning: NZ Farmers Urged to Plan Fert Early

Plan ahead and be patient. That’s the message to farmers and horticulturalists from the chairman of the NZ Agricultural Aviation Association, Kent Weir.

NZ Industry Craves Ag Graduates, Says Massey Professor

The industry is crying out for graduates with agricultural related degrees.

CNH Tech Chief on Autonomous Machinery, AI in Farming

While GPS and guidance have become the norm and yield mapping and variable application continues to gain traction, most agricultural machinery manufacturers continue to expand their technology offerings, amalgamating the vast amounts of data being collected to streamline real-time and ongoing management decisions.

NZ's Top Trade Negotiator Warns of Rising Protectionism

Supply chain problems, growing protectionism and a move to greater food security are some of the key challenges facing New Zealand exporters, according to our top trade negotiator, Vangelis Vitalis.

Barry Cuttance Suspension: Inside the NZDFA Dispute

A spat within the ranks of the New Zealand Deer Farmers Association has resulted in the suspension of outspoken North Canterbury farmer Barry Cuttance.