(File Photo)

Hunan Dakang Pasture Farming, a subsidiary of Shanghai Pengxin Group, announced on Tuesday that it has finished a "tender offer implementation agreement" with Australia's most iconic cattle company, S. Kidman & Co. The agreement is for Hunan Dakang to purchase an 80 percent share of S. Kidman & Co. for AUD 300 million, or 1.5 billion yuan.

Of the 80 percent, Hunan Dakang will hold a 51 percent stake and Shanghai Credential Estate Stock will have 49 percent.

The remaining 20 percent share of the company was purchased by Australian Rural Capital.

Kidman boasts the world's largest ranch, spreading across five states and housing 185,000 cattle at stations spanning more than 100,000 square kilometers. The total area of the ranch accounts for about 1.3 percent of Australia's total land area, roughly equal to China's Zhejiang province.

The announcement of the new agreement also states that Kidman’s main businesses include the breeding and sale of cattle, along with the production and sale of beef.