Li expands Australian business empire

Buys third Aussie company this year.

Hong Kong and Asia's richest man, Li Ka-shing, is buying Cheetham Salt, Australia's largest salt producer. The a deal worth US$157 million was made through a subsidiary, Cheung Kong Life Sciences.

Cheetham Salt operates eight solar salt fields and five refineries in Australia and has the capacity to produce 1.4 million tonnes of salt annually. The deal is expected to be completed by February 2013 following regulatory approval.

The deal is the third investment of Cheung Kong in Australia this year. The company bought agricultural and horticultural wholesaler and distributor Peaty Trading Group in January and three vineyards in October.

"The acquisition of Cheetham will enrich our existing investment portfolio and strengthen the profitability of our agriculture-related business," said Cheung Kong Life Sciences chief executive officer Kam Hing-lam.

CK Life Sciences is chaired by Li's eldest son and heir to his Cheung Kong conglomerate, Victor. It is involved in the marketing and selling of products related to health and agriculture.