Australian cattle farm to be sold
20/04/2016
The Chinese company Shanghai Pengxin Group will buy 80% of the business, according to a statement to the Shenzhen Stock Exchange. Australian Rural Capital will control the remaining 20%.
The deal will now need approval from Chinese regulators as well as Australia’s Foreign Investment Review Board. The Australian government blocked the sale of S. Kidman & Co in 2015, saying it was not in the country’s best interests.
The company currently controls ranches spanning more than 100,000 sq km (25 million acres) of land and carrying about 185,000 cattle.
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