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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/Bloomberg
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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.