Recently Hong Kong listed Natural Dairy NZ's had a hot bid to purchase the Crafar dairy farms. But unfortunately the Government has refused permission to buy this.
Land Information Minister, Maurice Williamson and Conservation Minister, Kate Wilkinson alleged that there was an application by Natural Dairy's Overseas Investment Office so as to buy the 16 farms from receivers in a deal. Its estimated cost was near about $200 million.
Natural Dairy's retrospective application for green light for an earlier purchase of four Crafar farms was also rejected by them.
The Ministers' decision to reject the applications by Natural Dairy (NZ) Holdings Limited was done to acquire UBNZ Assets Holdings Limited and 16 of the Crafar farms.
Moreover the ministers rebuffed the conservative application of UBNZ Assets Holdings Limited's to. Its application was to acquire the four Crafar farms which it purchased in February 2010.
The Ministers supposed that they be compatible with the Overseas Investment Office's recommendation. Finally they decided to decline the consent.
They added that further more they won't give any explanation regarding their decision.