The original bid by an unnamed Chinese bidder — also believed to be from new part-owner Shanghai Pengxin — to buy the entire 101,000sq km, 10-station Kidman empire outright in November, was knocked back by Mr Morrison because the deal was too large in area and too strategically sensitive.
The new deal gives China's Shanghai Pengxin an effective 41 per cent controlling stake in the giant new Kidman cattle corporation, Shanghai CRED Real Estate a 39 per cent share, and agricultural investment firm Australian Rural Capital a 20 per cent listed slice.
The 80 per cent Chinese purchase, through a vehicle called Dakang Australia, still has to be approved by Mr Morrison under Foreign Investment Review Board guidelines. It is believed the S. Kidman and Co board understands the purchase deal and structure as outlined yesterday, with Anna Creek station divested, are no longer judged by FIRB as counter to the national interest.
A spokesman for the Treasurer said last night the government would not be making a "hasty decision" on the Kidman sale approval.
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