Curtis Wool Direct

Cubbie Station sold to Chinese consortium

Buy and sell wool 24 hours a day, 7 days a week from anywhere in the world. Click here.

AUSTRALIA’s biggest irrigator, Cubbie Station, was sold to a Chinese consortium despite a home-grown bid to buy it for more than $250 million. Cubbie chairman Keith De Lacy, a former Queensland treasurer, revealed the group’s administrator had rejected a buy-back offer from Cubbie’s founders, the Stevenson and Brimblecombe families. But he declared the Australian consortium was still “ready, willing and able” to make another offer if the Chinese contract crashes.

 

Mr De Lacy said Cubbie’s founding shareholders had made a buy-back proposal to administrator McGrathNicol and bankers NAB and Suncorp about six months ago.

“It was long before they announced this last sale,” he said. “(The administrators) would have got more than the $250m they’re talking about (with the Chinese buyer). But that was rejected.”

Mr De Lacy said Cubbie’s administrators “certainly have an obligation to get the best price for the creditors and shareholders. Some of the existing shareholders could be very disappointed if they learned they hadn’t maximised the price,” he said.

A spokesman for McGrathNicol refused to discuss the sale price or conditions of the Chinese contract. It signed a sale agreement last week with a consortium led by Chinese-based textiles giant Shandong RuYi Scientific and Technological Group, which will buy 80 per cent, and Australian wool trading company Lempriere.

The Federal Government’s Foreign Investment Review Board had pre-approved the sale in August.Independent senator Nick Xenophon said he found it “extraordinary” that FIRB had granted approval nearly two months before the sale contract had been signed.

Source: The Advertiser

Share This Article

Argentina
Australia
Britain
Bulgaria
Canada
Falkland Wool
Germany
Italy
New Zealand
Russia
South Africa
Uruguay
Wool Promotion
Buy Alpaca from
Mohair
Wool & Specialty Fibre
Tops & Yarn Dyeing
Wool & Top Treatment 
Buy Yarn From
Textile Machinery
Wool Magazines

Interested in reaching buyers in China? Advertise in wool2yarn China magazine and reach major importers of wool and speciality fibre, topmakers, spinners, weavers and textile companies in China, in their own language, breaking down the language barrier. This publication is circulated to 5000 major textile companies in China, Hong Kong and Taiwan and is a buyer’s guide and information source for the year ahead. See More.


Reach buyers in 58 countries – advertise in wool2yarn global magazine. Published once each year (September) it is circulated to over 5000 textile companies. Readership includes importers of wool and speciality fibre, topmakers, spinners and weavers, manufacturers of yarn, knitwear, carpet, and blankets, producers and importers of fabrics, bedding products, garment manufacturers, and brands and retail chains. See more.

Wool Reports
Buy Wool, Wool Tops, Yarn Online
Wool Testing
Wool Grease
Wool Products Online
Second Hand Textile Machinery