New Plymouth District Council has won a legal battle to sell Australia's biggest dairy company for hundreds of millions of dollars but it has one more hurdle to clear before the deal goes ahead.
A court injunction against the sale of Van Diemen's Land Company in Tasmania to Chinese buyer Moon Lake Investments for $300 million was lifted in Australia yesterday.
Australia's Foreign Investment Review board is now looking at the purchase but investment banker, David Williams thinks it will go ahead.
"There's a lot of speculation about whether they will approve it or not because the foreign investment review board knocked back recently the sale of Australia's largest farm .....I think this is completely different case, I don't expect they're going to have any issues."
Mr Williams said the council was getting a good price for the company.