Australia-3 Cattle Stations and 62,500 cattle sold.

AUSTRALIAN Agricultural Co said today it has reached a non-binding heads of agreement to sell three cattle stations in Queensland state for $145.75 million to Macquarie Pastoral Group.

The agreement to sell around 53,000 branded cattle has an option to acquire up to another 9,500 head, which would up the total sale price to $152.68 million if exercised.

The contract is subject to conditions, including government approvals. The completion date for the deal is April 1.