Chinese Bid for Australian Cattle Station Adds Local Partner
- Shanghai Pengxin Group working with Australian Rural Capital
- ARC would have a stake in the sprawling cattle company
Devon and Angus cows graze in a field at the Mulloon Creek Natural Farm in Bungendore, Australia, on Thursday, July 30, 2015. Australia's gross domestic product grew 2.3 percent in the first quarter from a year earlier.
Photographer: Brendon Thorne/BloombergOne of the Chinese bidders for Australia’s most iconic cattle company is joining forces with a local investment group as it seeks government approval for a foreign takeover.
Shanghai Pengxin Group is working with Australian Rural Capital Ltd. on a bid for S. Kidman & Co. that would leave the local partner with a direct stake in the 117-year-old cattle company, Australian Rural Capital said in a statement Tuesday. Shanghai Pengxin has proposed the latest deal to Australia’s Foreign Investment Review Board, according to the statement.