Elders forced to pay out $2.7m over live cattle dispute
APN NewsdeskRURAL business heavyweight Elders has been forced to pay out $2.7 million over a dispute about its live cattle exports to China.
The ailing listed company on Wednesday updated the stock exchange on the dispute, which arose from breeder contracts over dairy cattle exported to China in 2012-13.
The pay out, which Elders has put in a counter claim against, was in line with company expectations.
It came as the Australian rural giant also updated shareholders on the sale of a Victorian feedlot to Queensland beef processing firm Teys.
The sale of the Charlton feedlot to Teys, for just over $10 million, also adds $3.1 million in profits to Elders' bottom line, recorded in the next financial year.