The country's second biggest dairy co-op will be handed over to its Chinese buyers next month

The High Court takeovers panel has approved the sale of Westland Dairy to the Inner Mongolia Yili Company - for 588-million-dollars.

Westland chair Peter Morrison says the court's approval was the last key condition for the sale to go ahead - after the Overseas Investment Office gave them the all clear on Tuesday.

He says all shareholders will receive their money on August 1 - and Yili can officially take up the reins.