|
|
|
Hungry Jack gobbles AMP's Stanbroke
9 Sep 2003
The Hughes consortium, headed by Stanbroke director Peter Hughes and including fast-food king Jack Cowin and a group of wealthy farming families, have won control of Australia's largest beef producer and land owner, the Queensland-based Stanbroke Pastoral Company.
The Hughes consortium will buy the 27-station cattle empire for between $430 million and $440 million from AMP Life, in Australia's largest rural sale.
The Stanbroke transaction was keenly contested and attracted international interest due to the quality and mix of properties being offered. The price was at the top end of market expectations, which left Australian Agricultural Company as the under-bidder. Other interested parties were Colonial Agricultural Co, Alice Springs Pastoral Co and Washington H Soul Pattinson, which was eliminated last week on price.
Although a Hughes spokesman declined to comment on the deal, it is understood that the consortium intends to retain Stanbroke in its entirety and run it as a going concern. An announcement is expected today, September 9.
Australian Financial Review, 9/9/03.
|
|
