The bid by Sir Michael Fay and his consortium to try to stop the sale of the Crafar farms to Shanghai Pengxin has failed.
The Court of Appeal has ruled in favour of the farms being sold to the Chinese group.
The farms will be managed by a joint venture company with Landcorp and its chief executive Chris Kelly says they can now get on with the business of improving the farms, spending $16 million on them over the next three years.
"The Chinese are going to add significant value to these farms. One activity for example is that there is a million dollars set aside for a dairy training establishment which will be used to train not only Landcorp dairy staff but other farmers' staff as well."
Photo: Nz Herald