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Australia's Rinehart, China group win cattle empire bid

Australian mining magnate Gina Rinehart and a Chinese consortium won final approval December 9, 2016, to buy one of the world's biggest cattle estatesAustralian mining magnate Gina Rinehart and a Chinese consortium won final approval Friday to buy one of the world’s biggest cattle estates, ending a lengthy and fraught sale process. The green light came more than a year after Treasurer Scott Morrison blocked an all-Chinese offer by Shanghai Pengxin for S. Kidman and Co, Australia’s biggest private land owner, as being against the national interest. Australia’s richest woman Rinehart entered the fray in October, backed by Chinese property developer Shanghai CRED, offering Aus$386.5 million (US$295 million) for Kidman, with the tycoon holding a majority interest.

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