Treasurer the Hon. Scott Morrison today welcomed the decision by S. Kidman & Co Limited to reopen the company’s sale process for Australian parties.
“I made a determination in November last year that the proposed acquisition of S. Kidman and Co. Limited by foreign investors would be contrary to the national interest and therefore did not authorise the sale to proceed,” Mr Morrison said.
“At that time I stated it was a matter for the vendor to consider how they wished to proceed with offering the composite interests of S. Kidman and Co. Limited for sale and that I would consider any such future alternate proposal or set of proposals on its merits, consistent with my obligation to ensure that any such sale is on terms that are not contrary to the national interest.
“I am encouraged that my decision has led to today’s development which enables Australian parties to make a bid for S. Kidman & Co Limited.
“Obviously any prospective foreign investor purchase of S. Kidman & Co Limited would be examined against Australia’s national interest. This test includes a range of factors including: the impact of the proposal on the Australian economy and community; national security; consistency with other government policies including tax; competition; and the character of the investor,” Mr Morrison said.