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Stanbroke takeover creates new king of cattle country
5 May 2004
Former potato farmer Peter Menegazzo has become Australia's largest single landholder and beef producer. Mr Menegazzo bought out two other partners in Stanbroke Pastoral Company in a deal that values Stanbroke's 24 properties in Queensland and the NT at just under $700 million. The actual sale price was confidential.
In 2003, the Menegazzo family, grazier Peter Hughes and fast-food chain owner Jack Cowin paid $490 million for Stanbroke when it was sold by AMP. The buyers stated the empire would not be dismantled, but some have been sold already and others are under negotiation.
Mr Menegazzo originally had a 50 per cent interest in the company. The family, which now has full control, is expected to sell off more properties, which currently run 435,000 head of cattle.
The Courier-Mail, 5/5/04.
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