Rinehart, China firm to buy Aussie cattle empire
Sale of S. Kidman's vast holdings to Chinese buyers not in national interest: Treasurer
Sydney
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 (S$380 million), the companies said on Sunday.
Her Hancock Prospecting will own 67 per cent and Shanghai Cred 33 per cent 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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meta will let advertisers create campaigns using new generative AI tools
Match posts sixth straight decline in Tinder users; shares fall
Reddit gains after strong sales in first report since IPO
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares