New contender enters Crafar farms bidding war

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Thu, 10 Nov 2011 7:00p.m.

Vinay Deobhakta

Vinay Deobhakta

Allan Crafar is New Zealand’s best-known former milkman.

He once owned the biggest dairy farm empire in New Zealand, then along came the global financial crisis and he lost it all.

Unable to meet repayments on loans of almost $200 million, the receivers moved in.

That was over two years ago, and the receivers are still trying to find a buyer to payoff those debts.

At the moment the main contender is a Chinese group. The Overseas Investment Office is considering whether it'll approve the deal.

But now they have a very serious rival.

Watch Tristram Clayton’s exclusive report

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