Fonterra, CIC eye VDL: report

Chinese investment fund part of proposal to buy Aust dairy producer.

New Zealand dairy giant Fonterra (FSF) and the state-owned China Investment Corporation (CIC) have proposed to buy Australia's oldest dairy producer, Tasmania-based Van Diemen's Land (VDL), according to The Australian.

The proposed deal could see CIC emerge with nearly half of VDL as part of a $200 million deal that could join ADM's $3 billion bid for GrainCorp (GNC) as an early test of the incoming coalition government's approach to foreign investment.

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