Pengxin links with ARC on land bid

Australian investment company Australian Rural Capital has announced to the stock exchange it is partnering with Shanghai Pengxin Group to buy S. Kidman & Co, Australia's largest private landholder with properties covering 101,000 square kilometers in Western Australia, South Australia, the Northern Territory and Queensland.

Shanghai Pengxin was forced to rework its initial bid - thought to be around $370 million - after Federal Treasurer Scott Morrison said last year it was not in the national interest for him to approve a sale to a sole foreign buyer.

As well as pairing up with ARC, it is understood Shanghai Pengxin has removed Anna Creek Station from its purchase offer.