The board of S Kidman & Co, Australia’s largest landholder, has agreed to sell the company to a Chinese-led consortium for A$370m just months after the government blocked its sale to foreign investors on national interest grounds.
The decision creates a political headache for Scott Morrison, Australia’s treasurer, who must consider whether to approve the purchase of a block farmland almost three quarters the size of England in the lead up to an election on July 2nd.
Under the proposed sale a company controlled by China’s Shanghai Pengxin Group would acquire an 80 per cent stake in Kidman with the remaining 20 per cent purchased by Australian Rural Capital- a company listed on the Australian stock exchange.
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