Australia’s richest woman ups bid for cattle empire
by Staff Writers
Sydney (AFP) Oct 27, 2016
Australian mining magnate Gina Rinehart on Thursday increased her joint offer with a Chinese company for one of the world’s biggest cattle estates, to fend off a rival bid by an all-Australian consortium.
Rinehart’s Hancock Prospecting and Chinese property developer Shanghai CRED raised their offer to Aus$386.5 million (US$295 million) from Aus$365 million for Australia’s biggest private landowner — cattle firm S. Kidman and Co — days after four wealthy grazier families launched their own Aus$386 million bid.
The local families had argued their proposal was better as it did not need approval from the Foreign Investment Review Board (FIRB).
While the Kidman sale has attracted keen interest from Chinese firms wanting to secure the sprawling pastoral empire, the government has previously rejected two Chinese-led bids, citing the national interest.
The Rinehart-led bid was…
View original post 307 more words