Gina Rinehart raises offer to outbid her rivals for S. Kidman & Co farms
Gina Rinehart's desire to secure Australia's largest landholder, cattle company S.Kidman & Co with a Chinese investor, has prompted her to bid higher after they were being challenged by an all-Australian syndicate.
The $386.5 million offer topped the $386 million offer from wealthiest graziers including BRW Richlisters Tom and Pat Brinkworth and Sterling Buntine.
The Australian reports Rinehart is closer to securing the S. Kidman & Co pastoral empire with the company’s board unanimously backing an increased offer.
The Rinehart bid comes via Australian Outback Beef (AOB), a consortium two thirds controlled by mining magnate Gina Rinehart, and a Chinese business partner, Shanghai CRED.
Their bid does not include Anna Creek, a property in South Australia that raised national security concerns when Chinese interests tried to buy the Kidman properties last year.
BBHO, comprising four of the nation's wealthiest outback cattle and transport families are offering $386 million, for all the properties including Anna Creek.
The local bid would avoid scrutiny by Australia's Foreign Investment Review Board given BBHO's directors, Viv Oldfield, Tom Brinkworth, Sterling Buntine and Malcolm Harris, represent some of the most prominent names in the outback.
