Consolidated Pastoral Company, majority owned by British private equity firm Terra Firma, is a potential white knight for embattled agribusiness investment manager Great Southern, starting due diligence on the group's cattle properties worth more than $100 million.
According to The Australian Financial Review, CPC managing director and chairman Ken Warriner has confirmed the company is weighing up the properties for a potential purchase.
Great Southern, which has $105 million in debt due to be repaid by October, officially went to market with its cattle properties a fortnight ago.
The largest is the 660,800 hectare Moola Bulla at Halls Creek in Western Australia. In Queensland it is offering the 596,430 ha Wrotham Park at Chillagoe and the 182,000 ha Chudleigh Park at Hughenden. About 100,000 branded cattle are offered with the properties.
Great Southern's total cattle assets are valued at $235 million.
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