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Australia halts ranch sale

S. Kidman & Co

Australia’s government has blocked the proposed sale of the nation’s largest cattle ranch to the Chinese. National Treasurer Scott Morrison said the proposed $350-million ($250 U.S.) sale of S. Kidman and Company raised serious security concerns for the country and would go against national interests.

China is already the biggest investor in Australia and the Chinese owners are often state-owned companies. There is also concern that some of the Kidman land is next to a large government weapons-testing range.

The Australian says Morrison left the door open for the ranch to be broken-up and sold separately. The Treasurer stated he is not opposed to foreign investment but such investment must ensure “Australia’s national interest is protected.”

Established in 1886 by Sidney Kidman; today the operation consists of 11 ranches covering more than 100,000 square kilometers (39,000 square miles) with at least 185,000 cattle. It was put up for sale earlier this year by descendants of Kidman.

While this is the first such rejection for the new government of Prime Minister Malcolm Turnbull; there have been a number of refusals over the years including ADM’s attempt to buy an Aussie grain company a couple of years ago and Singapore’s offer to buy Australia’s biggest stock exchange in 2011.

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