UPDATE 1-Macquarie snaps up 49% of Australia's massive Cubbie Station from China's Ruyi [Reuters]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Reuters
UPDATE 1-Macquarie snaps up 49% of Australia's massive Cubbie Station from China's Ruyi - Reuters 3 Min Read (Recasts to quote statement, adds background) By Paulina Duran and Byron Kaye SYDNEY, Aug 2 (Reuters) - Australia’s Macquarie Group has purchased a 49% stake in cotton farm Cubbie Station from a consortium led by Chinese conglomerate Shandong Ruyi for an undisclosed sum, the parties said in a joint statement on Friday. The sale comes seven years after Australia's government approved Shandong Ruyi's A$232 million ($158 million) purchase of an 80 percent share in Cubbie on condition it would cut its stake to 51% within three years. ( reut.rs/2LVEuNd ) “Cubbie is one of Australia’s premiere agricultural assets and aligns with our investment thesis for long-term sustainable farming operations,” Liz O’Leary, the agriculture head of Macquarie’s Infrastructure and Real Assets division, said in the statement. The 2012 sale of one of the southern hemisphere’s largest irrigation farms to
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