Natural Dairy's revised application to buy the Crafar portfolio of farms has passed muster at the Overseas Investment Office.In a statement this afternoon, the OIO announced it had completed its preliminary assessment of the application.The application is
Natural Dairy’s revised application to buy the Crafar portfolio of farms has passed muster at the Overseas Investment Office.
In a statement this afternoon, the OIO announced it had completed its preliminary assessment of the application.
The application is to buy an indirect interest in the Crafar farms through the acquisition of the remaining 80% shareholding in UBNZ Assets Holdings, owned by Auckland businesswoman May Wang.
Natural Dairy already owns the remaining 20%.
The OIO advised it aims to make a recommendation to the government on how to decide applications for consent within 50 working days.
No further information was provided, for commercial sensitivity reasons.
However, Natural Dairy and UBNZ has already announced it has plans to spend up to $1.5 billion on dairy farms and milk processing capacity in New Zealand.
UBNZ has already secured ownership of four dairy farms. These purchases are subject to another OIO investigation into whether an application should have also been lodged.
