One of the country's largest farming groups has been sold to a New Zealand buyer.
Dairy Holdings, which is based in Timaru, is expected to announce the sale within a week.
Dairy Holdings assets include 58 farms on more than 14,000 hectares, milking more than 40,000 cows. It is substantially larger than the 16 Crafar farms.
Dairy Holdings is one-third owned by the failed South Canterbury Finance. Other shareholders include dairy magnate Alan Pye, Christchurch businessman Humphry Rolleston and three United States investors.
The New Zealand Super Fund would not comment on speculation that it is the buyer.
