Australian-Chinese $277 million bid for Australian ranches

October 9, 2016 11:28 PM

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CANBERRA, Australia – An Australian-Chinese consortium has offered to buy Australia's largest cattle empire in a bid welcomed by the Australian agriculture minister.

Hancock Prospecting Pty. Ltd. announced on Sunday that it would take a 67 percent stake and Shanghai CRED Real Estate Stock Co. Ltd. a 33 percent stake in Australia's largest private landholding, S. Kidman & Co. Ltd., for 365 million Australian dollars ($277 million).

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