Approval for the $261 million deal was first sought from the Overseas Investment Office in October last year but delays meant the new date for approval was September 30th.
Silver Ferns Farm received over 80 per cent support for the deal from its shareholders in August but a group has been against the investment.
Shanghai Maling Aquarius is a China-based meat processing company. Silver Ferns Farms is New Zealand's biggest meat processor.
Louise Upston, and Associate Minister for Finance Paula Bennett, the decision-making Ministers, are satisfied that the purchase would create substantial and identifiable benefit for New Zealand.
"The Overseas Investment Office recommended that we approve Shanghai Maling's application because it meets the criteria set down in the Overseas Investment Act 2005," Ms Upston says.
"We are satisfied that the investment will be of substantial and identifiable benefit to New Zealand, which is the test set out in the Act. The investment will put the company in a better financial position and allow it to increase its exports.
"New Zealand shareholders will continue to have 50 per cent ownership of Silver Fern Farms, while benefiting from the injection of funds from the new investor."
Now approval has been given it's hoped the deal will be settled by January 4th.
TVNZ
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