News that the majority of Australia’s largest dairy operation, Tasmania-based VDL, will be bought for $220 million by Herman Shao-ming Hu of Ryoden Development and Kenny Zhang of the Australia-registered Waratah Corporation has been denied by Van Diemen’s Land Company. Each of the two parties was rumored to be acquiring a 35% stake in VDL from the current owner, New Zealand’s New Plymouth Council. The final third interest was set to be acquired by Lempriere Capital equity managers, an arm of the well-known, Melbourne-based wool traders, the Lempriere family. However, shortly after The Australian reported this news, representatives for the New Zealand based Van Diemen’s Land Company said the news of the sale was "substantively incorrect".