Australiaâ€™s wealthiest citizen, Gina Rinehart, and a Chinese real estate conglomerate have joined forces to tender an A$365 million bid for a 39,000-square-mile collection of cattle operations that encompasses more than one percent of Australiaâ€™s total land area. S. Kidman & Co. carries 185,000 head, which are exported to Southeast Asian markets, Japan, and the United States. According to the Australian Broadcasting Corporation, however, Hancock Prospecting and Shanghai CREDâ€™s offer may soon be bettered by a syndicate of four families that raise and/or transport cattle. Rival bidder BBHO includes South Australian Tom Brinkworth, West Australian Sterling Buntine, Malcolm Harris from New South Wales, and Viv Oldfield from Alice Springs. In addition to exceeding Rinehartâ€™s bid by an estimated A$20 million, the BBHO offer would not require Australian foreign investment approval or regulatory clearance by Chinese authorities whereas the joint venture company, 67 percent owned by Hancock Prospecting and one-third owned by Shanghai CRED, would.
Click here to read more.
Photo Credit: ABC News: Kerry Straight