General
Chinese company withdraws bid for Australian builder after Government flags security risk
A $300 million bid by a Chinese company to buy Australian construction firm Probuild has been withdrawn.
Key points:
- Probuild’s parent company said they were advised the Federal Government would likely reject the takeover bid on national security grounds
- Treasurer Josh Frydenberg declined to comment on the matter when approached by the ABC
- Probuild constructed the Melbourne headquarters of biotech firm CSL and is building the new Victorian Police headquarters
Probuild’s South African parent company, Wilson Bayly Holmes–Ovcon (WBHO), has confirmed to the Johannesburg stock exchange news service that the state-owned China State Construction Engineering Corporation has withdrawn its offer.
Probuild is the company behind the construction of the…
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