Cattle king Kidman & Co sale ‘at least two weeks away’
Australia’s largest private landholder beef producer, Adelaide-based Kidman and Co, says talk of an imminent sale is premature.
Kidman managing director Greg Campbell told InDaily negotiations for its sale were still underway. He estimated an announcement of a new owner could be at least two weeks away.
“We will make a public announcement at the end of the week, next week at least,” Campbell said.
“There are certain final-stage negotiations that are short-listed [in the bid] and they are currently up for [state and federal] approval.”
Campbell dismissed media reports today that a bidding war had erupted between two Chinese investment companies and a sale was near.
The Australian Financial Review today reported that Genius Link Asset Management had outbid Shanghai Pengxin’s $350 million offer.
Campbell said he could not name interested parties or offers as all negotiations of the sale were being conducted under a confidentiality agreement.
As part of the proposed sale to a majority owner, Kidman & Co will maintain its pastoral leases.
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The company was founded in 1899 by South Australian Sidney Kidman.
With his brother, Kidman drove and traded cattle and horses, becoming the largest pastoral landholder in modern history and earning him the title of The Cattle King.
It now has pastoral leases covering 101,000sqkm in South Australia, Queensland, Western Australia and the Northern Territory.
The 16 properties produce grass-fed beef for export to Japan, the United States and South-East Asia.
