Rine­hart strikes deal with Chi­nese for Kid­man

Pilbara News - - News - Peter Wil­liams

Gina Rine­hart has struck a $365 mil­lion deal with a Chi­nese part­ner to buy a ma­jor­ity stake in the Kid­man pas­toral em­pire that will make her Aus­tralia’s big­gest cattle baron.

Mrs Rine­hart’s Han­cock Prospect­ing and Shang­hai CRED Real Es­tate Stock an­nounced their flagged deal with S. Kid­man & Co, which re­quires ap­proval un­der Aus­tralia’s for­eign in­vest­ment regime.

The pro­posed trans­ac­tion carves out prop­er­ties near sen­si­tive de­fence sites whose lo­ca­tion con­trib­uted to the scup­per­ing of an ear­lier pro­posal for Kid­man to be sold to Shangahi CRED and another Chi­nese com­pany.

The Kid­man prop­er­ties span 101,000sqkm across three States and the North­ern Ter­ri­tory, and in­clude the Kimberley’s Ruby Plains Sta­tion, graz­ing 185,000 cattle.

The em­pire has been held by the Kid­man fam­ily for 117 years.

Han­cock would take a 67 per cent stake in Kid­man. Shang­hai CRED’s 33 per cent stake would be lower than Kid­man’s cur­rent for­eign own­er­ship of 33.9 per cent.

The deal comes af­ter Mrs Rine­hart added three WA cattle sta­tions to her pas­toral port­fo­lio in re­cent years.

The iron ore bil­lion­aire said she looked for­ward to work­ing with Kid­man to grow and de­velop the op­er­a­tions.

As well as For­eign In­vest­ment Re­view Board ap­proval, the pur­chase needs ap­provals from the Chi­nese govern­ment and the WA, SA and NT gov­ern­ments.

Pic­ture: Mo­gens Jo­hansen

Gina Rine­hart has struck a deal to buy a ma­jor­ity stake in the S. Kid­man & Co pas­toral em­pire span­ning three States.

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