January 9, 2013 / 9:52 PM / 5 years ago

China fund eyeing stake in Australia dairy group - report

MELBOURNE, Jan 10 (Reuters) - China Investment Corp , the country’s sovereign wealth fund, is among three big funds competing for a stake in Australian dairy producer Van Diemen’s Land, a newspaper reported on Thursday.

CIC executives are due to visit Tasmania in February for talks with Van Diemen’s Land, which is looking to raise A$180 million ($189 million) to boost its milk production, The Australian newspaper said, without naming any sources.

Three large funds have been given access to Van Diemen’s Lands books, VDL Chief Executive Michael Guerin said, without confirming whether CIC was one of them, the newspaper reported.

Guerin said the three funds had submitted proposals offering equity and debt and he expected to seal a deal by the middle of this year, anticipating no opposition from Australia’s Foreign Investment Review Board.

The Wall Street Journal has previously reported that CIC is looking to invest in a fund launched by New Zealand’s Fonterra, the world’s largest dairy processor. ($1 = 0.9516 Australian dollars) (Reporting by Sonali Paul; Editing by John Mair)

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