Gina Rinehart, Shanghai CRED make joint bid for Kidman empire

Sunday, 9 Oct 2016 16:10:14 | Dominique Schwartz

If successful, Mrs Rinehart's Hancock Prospecting would own two thirds of the empire. (Supplied)

Mining magnate Gina Rinehart has made a joint $365 million offer for the Kidman cattle empire along with Chinese company Shanghai CRED.

If successful, Mrs Rinehart's Hancock Prospecting would own two thirds of S Kidman and Co, and Shanghai CRED one third — a significantly smaller stake for the Chinese party than in previous offers rejected by the Federal Treasurer.

Ms Rinehart said she was pleased to have the opportunity to invest further in Australia's cattle holdings through the purchase of the Kidman stations, which comprise Australia's largest private agricultural.

The offer would, however, exclude the Kidman's largest property, Anna Creek station, and the Peake, so they can be sold to other Australian grazing interests.

The sale is subject to Foreign Investment Review Board approval and Chinese Government approvals.

More to come.

AustraliaPlus

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Gina Rinehart, Shanghai CRED make joint bid for Kidman empire

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