Chinese-led group to buy Australian cattle rancher for $288m

A Chinese-led group has agreed to buy Australia's most iconic cattle company in a deal valued at more than A$370 million ($288 million) after partnering with local investors.

The venture, headed by a company controlled by Shanghai Pengxin Group, will purchase 80 percent of S. Kidman & Co, according to a statement on Tuesday to the Shenzhen Stock Exchange. Australian Rural Capital Ltd will take a 20 percent stake.

The deal requires approval from Chinese regulators, and Australia's Foreign Investment Review Board, which last year blocked the sale of Kidman to an overseas buyer on grounds of national security.