Australia’s richest lawyer grabs stake in agricultural giant

Australia’s wealthiest lawyer, Melbourne QC Allan Myers, has grabbed a 19.9% stake in Australian Agricultural Co (AACo) in a deal worth around $90 million.

Myers has bought the stake from conglomerate Futuris, which is the midst of an asset sell-off to reduce debt. Myers paid $1.70 a share for the stake, a small bargain given AACo has traded around $1.80 for the last two months.

In a separate deal, Myers’ company Dunkeld Pastoral Group has sold two cattle stations in the Northern Territory to AACo for $105 million. The Tipperary and Litchfield stations have been on the market since late last year.

Myers was valued on the BRW Rich 200 at $130 million in 2005, but was removed from the list in 2006 as the cut-off increased.

Myers, who holds a large portfolio of rural assets, is recognised as one of Australia’s best commercial lawyers and is also a prominent philanthropist.