The Bright Food Group has received approval from the New Zealand government to acquire a 50% stake in Silver Fern Farms, the country’s largest meat processor.
The NZ$261m meal is expected to boost Silver Fern’s access to China, while it also consolidates Bright Foods’ international presence. The deal was conducted by Shanghai Maling Aquarius, a unit of the state-owned Bright Food.
The deal was approved by the Overseas Investment Office and cleared by the Minister for Land Information, Louise Upston. Rob Hewitt, Chairman of Silver Ferns, said the new funds would help Silver Ferns to increase its exports, develop its brand, and drive strategy. The company plans to specially focus on China, already its biggest market in terms of volume.