AusBN – Australia’s federal treasurer Scott Morrison says the government will block the sale of cattle holdings S. Kidman & Co. if it is to foreign buyers.
It is understood that eight national and international bidders have been shortlisted, including two Chinese companies whose bids exceed $350 million.
The Kidman family and their facilitators Ernst and Young have been careful not to reveal any details about the sale of Australia’s largest cattle property portfolio thus far.
Morrison said that selling the properties to foreign buyers would be against the national interest.
“The parcel of land that we’re talking about is some 1.3% of Australia’s landmass, some 2.6% of the agricultural land in this country,” he said.
“The Foreign Investment Review Board, as well as the other agencies that were consulted, have made recommendations in this respect which I’ve been pleased to accept.
“We welcome foreign investment, but as treasurer I will always make sure that the investment is done in Australia’s national interest.”