The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.
Issue link: https://landreport.epubxp.com/i/822507
86 The LandReport | S P R I N G 2 0 1 7 LANDREPORT.COM 2016 A ccording to Australia's ABC News, in 2014, Hancock Prospecting paid A$40 million (US$31 million) for a 50 percent interest in the Liveringa and Nerrima cattle stations in the Kimberley. Like her father's decision to develop Western Australia's iron ore reserves, Rinehart sensed a keen export opportunity. "We are well placed to meet the growing needs of our Asian neighbors," she said. The following year, Rinehart expanded Hancock's agricultural portfolio by acquiring another outback landmark, Fossil Downs. The million-acre station had been in the MacDonald family since 1882, and its sale upped Rinehart's Western Australia herd to 60,000 head of cattle. Rinehart's first offer for S. Kidman & Co came in at A$365 million (US$280 million). Not only did it top all previous bidding, but after twice being rebuffed for national security considerations, Dakang Australia Holdings had exited the negotiations. Yet Australian Outback Beef, Rinehart's investment vehicle, was one-third foreign owned by China's Shanghai CRED. A rival offer, one that was entirely Australian, was tendered by four of the country's leading farming families: the Brinkworths, the Buntines, the Harrises, and the Oldfields. Known as the BBHO Consortium, the four- some upped the ante to A$386 million (US$297 million). Rinehart doubled down. She not only countered by raising her bid by another half million, but she indicated that if needed, she would buy S. Kidman & Co without any partners. In addition, Anna Creek and its outstation, The Peake, would be carved off and sold to the neighboring Williams family. With these stipulations in place, the Kidman Group accepted her offer, the federal government approved the sale, and Gina Rinehart became one of Australia's top beef producers. Like it or not, Sidney Kidman would have taken the deal himself. No matter the era, the skills and savvy of able-bodied stockmen such as the young Sidney Kidman are essential to the success of Australia's mighty cattle stations. S. Kidman & Co Queensland, Northern Territory South Australia, West Australia Seller: Kidman Group John Crosby, Chairman Buyer: Australian Outback Beef Gina Rinehart, Chairman DAVID REED / REUTERS