Deals
Chinese-Led Group to Buy Iconic Australian Cattle Rancher
- Venture involving Shanghai Pengxin to buy 80% of Kidman
- Kidman is the largest private landowner in Australia
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/BloombergThis article is for subscribers only.
A Chinese-led group agreed to buy Australia’s most iconic cattle company in a deal valued at more than A$370 million ($288 million) after partnering with local investors.
The venture, headed by a company controlled by Shanghai Pengxin Group, will purchase 80 percent of S. Kidman & Co., according to a statement Tuesday to the Shenzhen Stock Exchange. Australian Rural Capital Ltd. will take a 20 percent stake.