Norton Rose in Australia has acted for a consortium of investors on the acquisition of Cubbie Station, Australia’s largest cotton farm. The consortium consists of Australian wool trading company Lempriere Pty Ltd and a leading Chinese textile company Shandong RuYi Scientific & Technology Group Co. Ltd.
Under the new ownership, Lempriere holds 20% of Cubbie Station and wholly owns the company which will manage the property. Lempriere is responsible for overseeing the day-to-day operation including marketing and sale of Cubbie Station’s cotton production in conjunction with the existing management team. Shandong RuYi owns the remaining 80% of the business.
Norton Rose advised on all aspects of the deal including complex regulatory approvals required in both Australia (state and federal level) and China. Approval for the acquisition of this well publicised and contentious asset was given by FIRB subject to the consortium agreeing to provide certain undertakings.
The Norton Rose Australia team was lead by partner Anthony Latimer who was assisted by partners Michael French, Rebecca Hoare, David Lyons, David Cross and Peter Norman.
