Australian mining magnate Gina Rinehart gazumps rivals by promising to buy vast Kidman cattle holdings – with or without Chinese partners
Australian consortium tabled A$386 million bid for the land, which was preferred by lawmakers opposed to foreign ownership of farmland
An all-Australian consortium on Friday withdrew its bid to buy Australia’s largest cattle empire after the country’s richest woman announced that she was prepared to buy it outright without a Chinese partner.
The Australian consortium compromising four cattle families known as BBHO made a counter-bid last week of A$386 million. The bid was championed by lawmakers opposed to any foreign ownership of farmland. BBHO, representing the Buntine, Brinkworth, Harris and Oldfield families, announced on Friday it had withdrawn its bid.
I stand behind the bid and should ... approvals not be achieved, then Hancock will proceed with the acquisition on a 100 per cent basis
The Australian government announced in May that the collection of 10 cattle ranches, a bull breeding stud and a feed lot covering 101,411 sq km in four states would never be to sold to foreign interests, after vetoing a second Chinese-led bid.
The Australia-China consortium, Australian Outback Beef, on Thursday bettered the BBHO bid by A$500,000. But crucially, Rinehart said her company Hancock Prospecting was prepared to buy the entire cattle empire if regulators in Australia or China rejected the Chinese stake.
“I stand behind the bid and should ... approvals not be achieved, then Hancock will proceed with the acquisition on a 100 per cent basis,” she said in a statement. “We have the money to invest to properly maintain the stations and their hard-working staff.”
Observers said Rinehart had shown that buying the cattle properties was a priority and that she was prepared to use her abundant wealth to get it.