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Aussies say yes
Source: Agencies |
September 1, 2012, Saturday
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Print Edition
Print Edition
AUSTRALIA yesterday approved the purchase by a Chinese-led consortium of a giant cotton farm. Treasurer Wayne Swan approved the sale, for an undisclosed price, but set several conditions, including forcing the Chinese textile firm leading the purchase, Shandong Ruyi, to sell down its stake in the Cubbie Station property to 51 percent from 80 percent within three years. Swan also said Ruyi's Australian partners, the family-owned Lempriere Pty Ltd, would be responsible for operating the Cubbie Group, including the marketing and sale of its cotton, which must be sold in line with international market practices.
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