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Fonterra (ASX:FSF) and the state-owned China Investment Corporation have proposed to buy Australia's oldest dairy producer, Van Diemen's Land, according to media reports.

 

The proposed deal could see CIC emerge with nearly half of VDL as part of a $200 million deal, the reports say

 

VDL is currently owned by the investment management arm of the New Plymouth District Council in New Zealand and has been widely flagged as being for sale, with CIC identified as an interested potential buyer.

 

As part of the proposed deal, VDL would reportedly partner with Fonterra to buy half of the VDL business.