Kidman Property Won By Gina Rhinehart/Shanghai CRED

[icyfroth]

S. Kidman & Co: All-Australian consortium withdraws bid for cattle empire

The all-Australian BBHO consortium has withdrawn its bid for the S Kidman and Co cattle empire, ending a bidding war with mining magnate Gina Rinehart.

The group of Australian families formally withdrew a $386 million bid after Mrs Rinehart's joint company Australian Outback Beef increased its bid by $500,000.

The BBHO consortium congratulated Mrs Rinehart's joint venture, which is 67 per cent owned by Hancock Prospecting and 33 per cent by China's Shanghai CRED.

The withdrawal came after Mrs Rinehart confirmed Hancock Prospecting was willing to buy the entire Kidman portfolio should Shanghai CRED's investment fail to be approved by the Australian and Chinese governments.

Entire Article Here

Is this a deal done by Ms Rhinehart for Shanghai CRED to bypass foreign ownership scrutiny?

[lyndal1838]

Why would she be doing it for anyone else?

She has already indicated that she woud fund the entire transaction if the Australian and Chinese Governments knock back the Chinese investors.   How does this bypass foreign ownership laws?

[icyfroth]

We'll see what happens further down the track, won't we Lyndal?

Like...why didn't she just fund it herself in the first place?

[davidc4430]

who says making big donations to political parties doesnt do you any good?

[lyndal1838]

If you are suggesting she would sell to the Chinese in the future, the sale would still be subject to the same laws that it is subject to now.

As to why she does not buy it all herself now.....that is like saying I want to pay $xxxxx for a house but someone else is willing to pay more.   Do I miss out on a house I really want or do I pay more to outbid the other bidder.  Gina wants this land so she is willing to pay more if it means she gets it instead of the Government knocking the sale back.

[rogespeed]

I think She involved Chinese interests to ensure a Chinese market for product - feral goats and camels a bonus !

[lyndal1838]

Maybe she did.  It is a moot point now as the sale has been approved with Chinese involvement anyway.