A West Coast dairy cooperative that's been in farmers' hands since the 19th century looks set to pass into Chinese ownership.
On Thursday in Greymouth, the farmer shareholders of Westland Milk Products voted overwhelmingly to accept the Yili conglomerate's offer of $3.41 a share, which values the company at $588 million.
Westland says 96 percent of shareholders took part in the vote, and just under 94 percent of them backed the sale. Daryl Kennedy, who farms in the Grey district, say the company's commercial failures left farmers no option but to sell their 150-year-old co-op.
The sale still needs Overseas Investment Office approval. New Zealand First says the sale is part of an "alarming trend" and wants to see a 'national interest' test as part of the OIO's processes.
Mark Patterson is the party's spokesperson for Primary Industries. He talks to Corin Dann.
