Chinese consortium edges closer to securing Australia's largest milk supplier

A Chinese-owned consortium appears to have successfully fought off a challenge from a rival Australian group bidding to buy the country's oldest dairy company, after a judge dismissed an injunction holding up the sale.

Victorian Supreme Court Justice James Judd dismissed the request by TasFoods Ltd for an extension of the injunction, which had temporarily blocked the sale of Van Diemen's Land to the Chinese-backed Moon Lake Investments Pty Ltd.

Moon Lake was recently bought by Chinese businessman Lu Xianfeng, the founder and largest shareholder of Ningbo Xianfeng New Material Co, which is listed on the Shenzhen Stock Exchange with a market capitalization of $1.52 billion.