Chinese to buy Australia's biggest beef producer

A joint Chinese-Australian group has acquired S. Kidman & Co, Australia's biggest farming estate, also known as. S. Kidman & Co, also known as the most respected and successful beef producer is to be sold for €289 million. The deal still needs approval from Australian and Chinese regulatory bodies.

Dakang Australia is to acquire 80% of the farm, while local partner Australian Rural Capital (ARC) will take the remaining 20%. The BBC reports that Dakang Australia's Chinese parent company is Hunan Dakang Pasture Farming, a private Chinese company which also has major stakes in New Zealand's dairy industry.

The Chinese/Australian conglomerate will become the new owner od 77,300sq/km - an area bigger than Ireland – which equals about 1% of Australia. Kidman & Co was founded in 1899. It currently ships 15,000 tonnes of beef carcass per year to countries all over the world.

Further reading on bbc.com

Image by S. Kidman & Co

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