Gine Rinehart has a big reason to celebrate today

You might remember hearing about Gina Rinehart’s bid for the Kidman & Co cattle empire? Well, today she’s finally heard
Society

You might remember hearing about Gina Rinehart’s bid for the Kidman & Co cattle empire?

Well, today she’s finally heard the result – and she’s sure to be smiling!

Treasurer Scott Morrison has approved a more than $350 million joint bid placed by Outback Beef – a company owned by Gina Rinehart’s Hancock Beef and a Chinese based real estate company.

He released a statement, declaring that the news meant the cattle properties would be majority owned by Australians.

“Consistent with the recommendation from the Foreign Investment Review Board (FIRB), I have decided that the acquisition of Kidman as proposed would not be contrary to the national interest and will be permitted to proceed as proposed,” Morrison said.

“Outback Beef will increase herd size by 20,000 head of cattle over the next 18 months.

“Outback Beef has indicated it will invest up to $19 million in capital improvements to increase efficiency and carrying capacity. Importantly this investment will also achieve the creation of 35 new full-time permanent jobs by June 2018 while also employing many more new contractors and short terms specialists.

“This increased employment will be met by engaging local populations as far as possible, including Indigenous employees.”

Read more: Gina Rinehart teams up with Chinese to try and buy huge Aussie cattle property

Rinehart won’t own all of the Kidman & Co properties however.

The largest station, Anna Creek, and another outstation, The Peake, have been bought by an Australian farming family – the Williams family.

“Currently Kidman is 33.9 per cent foreign owned,” Morrison said.

“With the sale of Anna Creek and The Peake, the proposal I am approving today represents a significant increase in overall Australian ownership from 66.1 per cent to 74.7 per cent.”

The sale puts to an end an almost two year process, which has put foreign ownership in the spotlight.

Several attempts to buy the Kidman & Co empire by Chinese investors were shut down by the government.

At one stage there was also a rival bid to Rinehart’s, made by local graziers, who eventually withdrew their bid after easily being outbid by Rinehart.

Read more: Gina Rinehart takes big business a healthier route

The treasurer said foreign investment was welcomed in Australia when it was consistent with our national interest.

“Foreign investment has underpinned the development of our nation and we must continue to attract the strong inflows of foreign capital that our economy requires,” he said.

“We will continue to welcome and support foreign investment that is not contrary to our national interest.”

When Rinehart’s bid was first announced a few months ago, it had the support of many people including Pauline Hanson.

However, there were also people critical of the bid, particularly because it had some foreign investment involved.

What do you think about this decision? Are you glad Kidman & Co is remaining in mostly Australian hands?

 

  1. jo myles  

    Just hope she does not dig it up and sell it off that way. Wonder what mineral deposits she has already discovered.

  2. Elizabeth Gardner  

    Gina Rinehart gives me the proverbials. She cannot be trusted. When the chinese bid for the Kidman empire they were turned down too much land for another country to own after much yelling the Government finally agreed the people were right and China should not be allowed to purchase at least 1% of this country’s grazing land. So what does she do? pulls out the old chestnut “my Grandfather started the partnership with Syd Kidman” blah blah as if that gave her the right to own the Kidman empire. So she went ahead and put in a bid for a portion of it but she did that so that her Chinese partners could then get their foot into a huge chunk of Australia which had been denied to them. She got the biggest piece a smaller piece was retained by Australian owners and the remaining 33% because of their partnership with this woman went to the Chinese!! What a sell out. She stands there and says she wanted to protect all that is Australian while making sure China got a large chunk. She has sold Australia away to a country that has taken everything away from other countries and now would like to continue to grab ours.They will bring in their own workers and god help anyone who encroaches on their land! I do not know about anyone else but I am furious that the Government sanctioned this and she of all people assisted in this endeavour.

    • toppo  

      Yes agree it would be much more acceptable if Queen Elisabeth bought the lease of this land.

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