Friday, 03 February 2012 10:07

Crafar Farms sale drags on

Written by 

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

Shanghai Pengxin Group, which received OIO approval last week, now has until Tuesday to finalise the deal with receivers KordaMentha. The receivers had set an initial deadline of January 31 and had then extended it by two days to February 2.

In a statement KordaMentha says the further extension is necessary as Shanghai Pengxin to "continues to finalise its OIO consent conditions."

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".

The court action filed last Tuesday is being heard today in the High Court at Wellington.

More like this

Balanced spread of investors needed

A newly published report by KPMG shows that in the last two years China has been the single biggest offshore investor in the New Zealand dairy sector, placing 28% of the $1.3 billion that came into dairy and milk processing from offshore.

Featured

$52,500 fine for effluent mismanagement

A Taupiri farming company has been convicted and fined $52,500 in the Hamilton District Court for the unlawful discharge of dairy effluent into the environment.

Ospri brings Bovine TB testing in-house

The move to bring bovine TB testing in-house at Ospri officially started this month, as a team of 37 skilled and experienced technicians begin work with the disease eradication agency.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Arable advocacy?

OPINION: Spare a thought for the arable farmer, squeezed on one side by soft global prices and on the other…

Gaslight much?

OPINION: Labour leader Chris 'Chippy' Hipkins is carrying on the world-class gaslighting of the nation that he and his cohorts…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter