New Zealand approves selling of dairy farms to U.S.-led companyStaff writer ▼ | February 2, 2016
The Overseas Investment Office (OIO) of New Zealand has approved the sale of five Southland dairy farms to a United States-led company for just over $47 million.
Food production Five Southland dairy farms and a dairy sheep operation
The OIO has approved their sale to Dairy Farms NZ Limited, which is 55 percent owned by a Chicago-based company, 5 percent by overseas investors and the rest by New Zealand investors.
Dairy Farms NZ said it planned to develop the farms to maximise milk production with a significant increase in cow numbers.
The OIO has also approved the purchase of a dairy sheep operation near Taupo. Chinese investors are buying the 770ha property for more than $11 million.
It is expected to become a base for a genetic improvement programme for dairy sheep with products produced exported to China. ■