The joint venture between Dunedin meat processor Silver Fern Farms and Chinese company Shanghai Maling can go ahead after approval was today received from Government ministers.
Minister for Land Information Louise Upston and Associate Finance Minister Paula Bennett said they were satisfied the purchase of half of SFF by Shanghai Maling for $261 million would create substantial and identifiable benefit for New Zealanders.
The approval comes more than a week before the September 30 deadline imposed by Shanghai Maling for a decision to be made.
Ms Upston said New Zealand shareholders would continue to have 50% ownership of SFF while benefiting from the injection of funds from the new investor.
