The Chinese would own a third of cattle rancher S. Kidman if the government gives the go-ahead for the sale. Opponents in Australia have opposed Chinese attempts to buy up ever larger stakes in its economy AlamyAustralian mining magnate Gina Rinehart has made a joint bid with a Chinese company to buy one of the country’s largest cattle producers, which has pastoral leases covering more than 600,000 square miles of outback. If the government gives the go-ahead her company, Hancock Prospecting, would own two thirds of S.Kidman & Co with Shanghai CRED having the rest, a significantly smaller stake for the Chinese operator than in previous bids that were rejected by Canberra. The £223 million offer excludes the Kidman company’s biggest property, Anna Creek, and the Peake, which will allow them to be sold to other…

Source: The Times October 09, 2016 23:03 UTC