Rinehart, China firm to buy Aussie cattle empire

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.