Chinese cleared to buy 50pct of Silver Fern Farms
A Chinese company will be allowed to buy half of Silver Fern Farms, with Government ministers convinced it'll bring jobs and investment to New Zealand.
Shanghai Maling's application has been approved by the Overseas Investment Office (OIO), and Land Information Minister Louise Upston and Associate Finance Minister Paula Bennett have now signed off on it.
"We are satisfied that the investment will be of substantial and identifiable benefit to New Zealand, which is the test set out in the Act. The investment will put the company in a better financial position and allow it to increase its exports," Ms Upston says.
New Zealand shareholders will continue to have a 50 percent share in the company - a farmers' cooperative which process sheep meat, beef and venison.
New Zealand First leader Winston Peters has railed against the proposal in the past.