The Chinese company set to buy the Crafar dairy farms has been given another extension to finalise the purchase.
Milk New Zealand Holdings, a subsidiary of Shanghai Pengxin Group, was last week granted approval to buy the 16 farms in a deal reported to be worth $210 million.
Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman approved the sale, following a recommendation from the Overseas Investment Office (OIO).
The sale was due to go unconditional on Thursday night, after the farms' receivers, KordaMentha, decided on Tuesday to grant an extension to the original January 31 deadline.
KordaMentha said Shanghai Pengxin has been granted a further extension to February 7, for the company to finalise OIO consent conditions.
The extension comes on the eve of a court challenge by a rival group wanting to purchase the farms.
The Crafar Farms Purchase Group, led by businessman Sir Michael Fay, wants the ministers' decision overturned.
The group made a rival $171.5 million offer in September, but had its bid declined by KordaMentha.
It is now seeking a judicial review, with a substantive hearing to take place in the Wellington High Court on Friday.
The Crafar Farms Purchase Group says if its court action succeeds and it takes possession of the farms, it will divide them among its members, who include local farmers, iwi groups and Sir Michael.
NZN