Major Australian farm in Chinese deal

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Grass fattened bullocks at Naryilco
Image caption Grass fattened cattle in Kidman’s Naryilco property in Queensland

A joint Chinese-Australian group has reached an agreement to buy Kidman & Co, Australia’s biggest farming estate.

It still needs approval from Australian and Chinese regulatory bodies.

A takeover deal had previously been blocked by Australia’s Foreign Investment Review Board.

The government was concerned that part of the property was inside a military weapons testing range in South Australia.

Kidman has since taken the Anna Creek farm out of the sale.

Dakang Australia is to acquire 80% of the farm, while local partner Australian Rural Capital will take the remaining 20%.

The sale comprises of pastoral leases covering 77,300sq/km – an area bigger than Ireland.

According to a statement released by Kidman, Dakang and Australia Rural Capital, the consortium “is offering Kidman shareholders cash consideration of A$31.38 (£17, $24) per ordinary share.”

“The offer values Kidman at A$370.7 million.”

Image caption The Anna Creek farm has been taken out of the sale

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