Treasurer approves Gina Rinehart-led bid for Kidman cattle stations

Written on the 13 December 2016

A Gina Rinehart-led takeover offer for S. Kidman & Co, Australia's largest landholder, has been waved through by Treasurer Scott Morrison, bringing an end to the long-running sale saga.

Ms Rinehart teamed up with Shanghai CRED Real Estate Stock Co to make a $365 million bid in October after a Shanghai Pengxin-led consortium's bid for the cattle stations was blocked on national interest grounds in April. The offer was later raised to $386.5 million after a rival bid was lodged by some of the country's wealthiest farming families.

Ms Rinehart and Shanghai CRED own two-thirds and one-third of Outback Beef, the company pursuing the purchase, respectively.

Read more...

Source: The Australian