Cubbie sold, administrators say

12 Oct 2012, 8:33 pm   -   Source: AAP

Australia's largest cotton farm, Cubbie Station, has been sold, with Chinese and Japanese investors taking a majority stake.

The controversial sale of Australia's largest cotton farm, Cubbie Station, has been finalised.

The sale agreement has been signed, administrators McGrathNicol said in a statement on Friday.

Under the terms of the sale, textile manufacturer Shandong RuYi - owned by investors based in China and Japan - will initially take an 80 per cent stake.

The stake will be sold down to 51 per cent within three years.

Comment was being sought from Nationals senator Barnaby Joyce, who slammed the sale when it was approved by the Foreign Investment Review Board.

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