Australia's Rinehart and China's Shanghai CRED agree deal for Kidman cattle empire



Australia's richest woman Gina Rinehart and Chinese developer Shanghai CRED have agreed on a deal to jointly purchase S. Kidman & Co, the country's largest private land holding, for A$365 million ($276.8 million), the companies said on Sunday.
Rinehart's Hancock Prospecting will own 67 percent and Shanghai CRED 33 percent of Australian Outback Beef Pty Ltd, a new joint venture created to buy Kidman in a bid to overcome government concerns about foreign interests buying the cattle empire.
In April, the Australian government rejected a A$371 million ($281.3 million) bid by a consortium... read more

 
9 October 2016 in Business, Views: 45
Source: Reuters
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