Treasurer Scott Morrison has blocked the sale of Australia’s largest rural landholding, S. Kidman and Co to foreign investors, saying it would not be in Australia’s best interest.
“Consistent with the recommendation from the Foreign Investment Review Board (FIRB), I have decided that the acquisition by foreign investors of S. Kidman and Co. Limited would be contrary to the national interest and shall not be authorising the sale to proceed as currently proposed,” Morrison said this morning.
In April S. Kidman & Co put its business – which includes Anna Creek Station, the world’s largest cattle station – up for sale.
As part of the, all 15 properties covering 100,000 square kilometres of the Australian outback and more than 200,000 cattle would have be open to foreign investment.
The 116-year-old business is expected to be worth more than $300 million.
Morrison’s decision was made in accordance with recommendations from the Foreign Investment Review Board.
More to come.
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