Green light for Kidman offer
09/12/2016
The consortium, made up of Ms Rinehart’s company Hancock Prospecting and Chinese developer Shanghai CRED, submitted a bid of A$386.5 million ($288.2 million) in October.
Australian treasurer Scott Morrison revealed that the largest station in the Kidman group, Anna Creek, is not part of the deal. It will be acquired by a local farming family, along with its outstation The Peake. The remainder of the group will be purchased by the consortium
The CEO of Hancock Prospecting, Gary Korte, said Kidman’s herd size would be increased from the current 150,000 head to its full carrying capacity of 185,000. He added that an additional A$19 million will be invested to further grow the business, with the potential to increase the herd size to beyond 200,000 head.
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