Kidman ‘prefers’ Chinese buyout
Print Edition
AUSTRALIAN cattle company S. Kidman & Co said yesterday that a Chinese-led consortium was the preferred buyer of most of its stations, with an offer worth A$370.7 million (US$288.9 million).
Australia’s biggest private landowner has attracted keen interest from Chinese firms wanting to secure the sprawling pastoral empire.
Kidman said a consortium of Dakang Australia Holdings Pty and ASX-listed Australian Rural Capital Ltd had committed to make a takeover offer to acquire 100 percent of its shares at A$31.38 per share.
“The offer values Kidman at A$370.7 million,” it said in a statement, adding that it is conditional on approval by Australia’s Foreign Investment Review Board.
Dakang Australia is 51-percent owned by a unit of Hunan Dakang Pasture Farming Co (whose major shareholder is Shanghai Pengxin Group), while 49 percent is held by the unlisted Shanghai CRED Real Estate Stock Co. The takeover bid would see Dakang Australia acquiring 80 percent and ARC 20 percent.
“We are very pleased to have reached agreement on the sale,” Kidman Chairman John Crosby said in the statement.
“The board will recommend that shareholders accept.”
The Australian government last year blocked the sale of Kidman to foreign entities, ruling it was not in the national interest given part of its land is in a weapons testing area.
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