striver44
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S. African vendor says buyer has pulled Australia offer
* Buyer reported to be China State Construction Engineering Corp
* Would be 2nd move to clock Chinese buyouts since 2020 (Recasts on reported Chinese buyer, writes through)
SYDNEY, Jan 12 (Reuters) - Australia blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between the trading partners remain elevated.
The move would be a second intervention by Frydenberg to stop a buyout by Chinese interests since he overhauled the country’s foreign M&A rules last year to include security concerns as a reason for blocking a deal.
Since then, Australia has stopped China Mengniu Dairy Co from buying domestic dairy producer Lion-Dairy and Drinks Pty Ltd from Japan’s Kirin Holdings Co, leaving the path clear for Australia-listed Bega Cheese to buy it.
Probuild’s announced projects include construction of a new police headquarters for Australia’s second-most populous state, Victoria, and a new headquarters for biopharmeutical giant CSL Ltd, which is making COVID-19 vaccine for the Australian population.
WBHO said in the filing that it “remains optimistic about the fundamentals of Probuild and its prospects in the Australian market and continues to assess all potential opportunities”.
$1 = 1.2995 Australian dollars Reporting by Byron Kaye and Renju Jose in Sydney; Editing by Matthew Lewis and Kenneth Maxwell
Our Standards: The Thomson Reuters Trust Principles.
www.reuters.com
* Buyer reported to be China State Construction Engineering Corp
* Would be 2nd move to clock Chinese buyouts since 2020 (Recasts on reported Chinese buyer, writes through)
SYDNEY, Jan 12 (Reuters) - Australia blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between the trading partners remain elevated.
The move would be a second intervention by Frydenberg to stop a buyout by Chinese interests since he overhauled the country’s foreign M&A rules last year to include security concerns as a reason for blocking a deal.
Since then, Australia has stopped China Mengniu Dairy Co from buying domestic dairy producer Lion-Dairy and Drinks Pty Ltd from Japan’s Kirin Holdings Co, leaving the path clear for Australia-listed Bega Cheese to buy it.
Probuild’s announced projects include construction of a new police headquarters for Australia’s second-most populous state, Victoria, and a new headquarters for biopharmeutical giant CSL Ltd, which is making COVID-19 vaccine for the Australian population.
WBHO said in the filing that it “remains optimistic about the fundamentals of Probuild and its prospects in the Australian market and continues to assess all potential opportunities”.
$1 = 1.2995 Australian dollars Reporting by Byron Kaye and Renju Jose in Sydney; Editing by Matthew Lewis and Kenneth Maxwell
Our Standards: The Thomson Reuters Trust Principles.
Australia blocks Chinese buyout of builder over security concerns -media
Australia blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between the trading partners remain elevated.
