on 07-02-2016 07:11 PM
Billionaire trucker Lindsay Fox is making a late bid to keep Australia’s largest outback cattle empire in local hands with a push to buy the sprawling S. Kidman & Co stations that are set to fall into Chinese hands.
Mr Fox, worth more than $2 billion and one of Australia’s largest employers, has written to Treasurer Scott Morrison flagging his interest in buying the properties, that are close to being sold in a $300 million deal giving control of the century-old S. Kidman & Co empire to Chinese-owned Shanghai Pengxin Group Co.
Mr Morrison is within weeks of signing off on that deal after blocking an earlier bid last year on national security grounds.
But in a late counter-offer to the deal, Australia’s biggest private family company, Linfox, owned by transport magnate Mr Fox, has expressed its interest.
Linfox Property Group chief executive Andrew Fox told The Weekend Australian: “This asset is a great Australian asset, it’s fourth, fifth generation and it would be a great feeling, like (Agriculture Minister) Barnaby Joyce has said, to have it stay in Australian hands.”
The Kidman family put the pastoral empire on the blocks last year and attracted a slew of offshore interest, primarily from China, but now the Fox family is seeking to buy the business that is being sold through accounting firm Ernst & Young.
“Fox are very interested in the Kidman portfolio of properties; the only disadvantage is that we are late into the tender process,” Andrew Fox said.
It may be paywalled.
We simply cannot let our national food security fall into foreign hands.
on 07-02-2016 07:37 PM
on 07-02-2016 08:01 PM
on 08-02-2016 11:08 AM
on 08-02-2016 11:55 AM
@esayaf wrote:
Most of these cattle stations sell overseas anyway.
And why do you think that is? When there are Australian bidders, why is preference given to Chinese bidders?
There are more cows than people in Australia and we don't eat them all.
Well der.
Of course we don't eat them all. We have a lucrative market for our beef overseas also dairy and other food products. Why are we selling it off to overseas interests? Quick cash grab for our debt -ridden government? Something to do with the CHAFTA? Or the TPP maybe?
Lindsay Fox has a huge car collection and none of them are Australian. Where was his support for local manufacturers. Hypocritical diatribe if you ask me.
What has his car collection to do with his bid for the Kidman Property?
on 08-02-2016 11:57 AM
on 08-02-2016 12:03 PM
on 08-02-2016 12:06 PM
@esayaf wrote:
What do you think the Chinese are going to do take the land home one suitcase at a time.
No, but the profits will go overseas and most likely they will pay very little or no taxes. I would not be surprised if they did not bring their own people to work the cattle stations.
Australian Governments have sold out enough of our country.
A little more rational thinking and a little less of the green eyed monster.
Erica
on 08-02-2016 12:10 PM
on 08-02-2016 12:16 PM