Deals
Billionaire Rinehart Strikes Deal to Buy Iconic Aussie Ranch
- Hancock Prospecting, Shanghai CRED agree to acquire S. Kidman
- Deal worth about A$365 million needs government approval
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Billionaire Gina Rinehart and a minority Chinese partner agreed to buy Australia’s most iconic cattle company in a deal valued at about A$365 million ($277 million).
Rinehart’s Hancock Prospecting Pty and Shanghai CRED Real Estate Stock Co. reached an accord to buy 100 percent of S. Kidman & Co., the companies said in a statement Sunday. The deal requires approval from Chinese regulators and Australia’s Foreign Investment Review Board, which last year blocked the sale of Kidman to an overseas buyer on grounds of national security.