A syndicate of local iwi and farmers led by expatriate Michael Fay have lodged a $171.5 million bid for the Crafar family farms.
Fay's
group, which had previously signalled an interest in buying nine of the
farms, tabled its bid with receiver KordaMentha on Tuesday.
A
rival offer from China's Shanghai Pengxin Group may be turned down by
the Overseas Investment Office (OIO), which has already rejected a bid
from Hong Kong.
"I firmly believe we must keep our competitive
advantage for exports and that advantage is in what we do with our
land," Fay said in a statement.
"To me that means we must retain New Zealand ownership of our productive land."
Shanghai
Pengxin made an offer to buy the Crafar farms in January, saying it
plans to spend more than $200 million - some $30 million more than the
Fay consortium offer - to acquire and invest in the land.
The OIO knocked back an earlier bid from Hong Kong investment company Natural Dairy (NZ) Holdings.
Shanghai
Pengxin has been waiting for an OIO decision since lodging its
application in April. Its bid is being closely watched by would-be
Chinese investors in New Zealand assets.
The purchase of large
farmland by foreigners has been in the government's sights after the
Natural Dairy deal emerged last year, prompting the government to review
foreign investment rules and ultimately impose stricter controls.
Fay,
a controversial figure for his involvement in state asset
privatisations including Telecom and New Zealand Rail, said the offer by
farmers and iwi isn't subject to OIO approval.
They are hoping to
be on the farms before Christmas to get them up to full production for
the 2012 season starting in the middle of next year.
NZN