Australia blocked the sale of the nation’s largest private landowner to an overseas buyer, saying the location of one of the company’s 10 cattle ranches in a weapons testing area could compromise national security.
S. Kidman & Co.’s properties, which were listed for sale in April, attracted bids from China’s Shanghai Pengxin Group and Hong Kong-based investment firm Genius Link Asset Management, according to a person with knowledge of the matter, who asked not to be identified as the information is private. Pengxin had offered about A$350 million ($250 million) for the string of ranches, the Australian Financial Review reported this month, citing unidentified people.
