Chinese company Natural Dairy’s bid to buy the North Island Crafar Dairy Farms will continue without the involvement of bankrupted businesswoman May Wang.

The original deal between Natural Dairy and May Wang’s New Zealand registered company UBNZ Holdings involved a buy and sell-on agreement around the 20 farms formerly owned by Allan Crafar.

However, Natural Dairy spokesperson Bill Ralston says with May Wang withdrawing her appeal against bankruptcy, the deal can continue without her.

“She’s no longer part of the process, she’s out, and Natural Dairy is progressing on with the application in its own name.”

Quite how this would work, with the deal before the Overseas Investment Office, is unclear, but Ralston says the agreement is strong enough to overcome any obstacles.

“The whole deal is about Natural Dairy taking over the UBNZ companies, because they’re a New Zealand entity, they will continue that bid with the OIO to get approval.

“Those businesses won’t be worth much without Natural Dairy’s bid anyway, so it’s business as usual, without May Wang anywhere in sight.”

Any decision by the OIO has been delayed while the Serious Fraud Office investigates both UBNZ and Natural Dairy, with no completion date indicated.