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