United Kingdon-London Equity firm to buy 17 cattle stations in Australia.

UNITED KINGDOM.

LONDON EQUITY COMPANY TO BUY 5 MILLION HECTARES IN AUSTRALIA.

According to a report in the Financial Review in Sydney on Monday, the London based company Terro Firma, are going to buy the Pastoral company of the late Kerry Packer for a reported AU$425 million.

This will be for 17 cattle stations across the Northern Territory, Queensland, NSW and Western Australia, giving them 90% of the holdings. The remaining 10% will be retained by company chairman and long time friend of Kerry, Ken Warriner.

The sale is allegedly being negotiated by Packers son James, who is best known for blowing half a billion dollars on the internet bubble, some years ago and palimony settlements to girlfriends.

The young Packer has sold off many of his fathers assets, including the Nine television network and the magazine business.

Kerry packer who owned his own Polo Club in Argentina, is best remembered for his cricket circus, when he lost the television rights to Australian cricket he started his own international teams.

Tony Greig, former English cricket captain, was his captain and today Tony still heads Channel Nine sports in Australia.

Packer also started Consolidated Meat Packers in Australia and slaughtered most of his own cattle.

Terra Firma are a private equity firm based in London, headed by Guy Hands.