Chinese bidder for Australian cattle empire withdraws offer

Chinese company Dakang Australia Holdings has dropped its $288 million bid for the Kidman cattle empire.

The news comes after Federal Treasurer Scott Morrison on Friday said the deal that would deliver an 80 percent stake to Dakang may not be in the country's best interest.

Kidman now will be reoffered for sale. The company owns a ranch roughly the size of Ireland, at over 30,000 square miles. It also owns 185,000 cattle.

Read more from the Australian Broadcasting Corp.