VENTURE: Partnership for ‘ Kidman Cattle Empire ‘ as Rinehart Hancock Prospecting (67%) and Shanghai CRED (33%) Australian Outback Beef Pty Ltd, a new joint venture, buy Kidman for $276.8-million – @AceFinanceNews

#AceFinanceNews – Oct.12: Australia’s Rinehart and China’s Shanghai CRED agree deal for Kidman cattle empire

Australia’s richest woman Gina Rinehart and Chinese developer Shanghai CRED have agreed on a deal to jointly purchase S. Kidman & Co, the country’s largest private land holding, for A$365 million ($276.8 million), the companies said on Sunday.

Rinehart’s Hancock Prospecting will own 67 percent and Shanghai CRED 33 percent of Australian Outback Beef Pty Ltd, a new joint venture created to buy Kidman in a bid to overcome government concerns about foreign interests buying the cattle empire.

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