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New Zealand approves selling of dairy farms to U.S.-led company

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Staff 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 properties totalling 1206 hectares at Otapiri were put on the market late 2014. The five interlinked farms milk a total of 3620 cows to produce nearly 1.5 million kilograms of milk solids a year.

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.