The saga of the sale of the world's largest land owner and cattle producer, Stanbroke Pastoral Company, by beleaguered financial company AMP continues to follow an intriguing path. Despite court proceedings instituted by Australia's Australian Agricultural Co, a losing bidder in the tender battle for Stanbroke, and Australia's second biggest cattle company, a consortium of local cattle identities, Nebo Holdings and Investments were able to wrest control of Stanbroke. Nebo Holdings and Investments paid $490 million (US$380 million) for the 11.7 million hectares of  land including 27 working cattle properties and 480,000 head of cattle spread throughout Northern Territory and Queensland, following a five-month tender period.

However the consortium is now having its own problems. Rural property sources say there has been speculation about the "new" Stanbroke since its directors chose to on-sell four properties less than six weeks after taking control in September 2003. Peter Menegazzo, who is a 50% partner in Stanbroke, is reported to be looking for an outside investor to purchase the other 50%, which is held by a group of cattle industry investors that includes the owner of 200 Hungry Jacks (Burger King) outlets, Jack Cowin. This group is also searching for a new major backer to buy out  Mr Menegazzo's 50%.

In the meantime, Peter Holmes a Court has stepped down as chief executive of Australian Agricultural Company after the board signed off on a series of organisational changes which included moving the head office to Brisbane. Mr Holmes a Court, who has been chief executive since the stock exchange listing of the company in 2000, will remain a non executive director and an investor in the company. Mr Holmes a Court will be replaced by Don MacKay, the company's executive director of operations.

With the announcement of the mad cow disease discovery in the USA, AA Co shares have risen dramatically on the basis that Australian beef will gain increased market share in Asian markets (Japan, Korea) that have banned the import of US beef. Many industry analysts however see the USA mad cow incident as another nail in coffin of meat eating habits of western nations.

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