By ROD McGUIRKJanuary 13, 2021 GMT
CANBERRA, Australia (AP) Australia’s treasurer on Wednesday declined to comment on whether he had intended to block a Chinese state-owned company’s takeover of an Australian-based construction company in a development likely to increase strain on bilateral relations.
China State Construction Engineering Corp., one of the world’s biggest construction companies, had planned to buy South African-owned and Sydney-based Probuild for 300 million Australian dollars ($233 million).
But Probuild’s owner, Wilson Bayly Holmes, told the Johannesburg Stock Exchange this week that the Chinese suitor had withdrawn its offer because Australian Treasurer Josh Frydenberg would have blocked the sale.
A $300 million offer by a Chinese company to buy an Australian builder is withdrawn on the back of advice that Treasurer Josh Frydenberg and the Foreign Investment Review Board will declare the transaction a risk to national security and contrary to Australia's interest.
Treasurer Josh Frydenberg has shot down an offer made by state-owned China State Construction Engineering Corporation to acquire Australian-based company Probuild.
IN BRIEF: Empire Metals Gets Approval To Buy Eclipse Gold Project
Wed, 30th Dec 2020 14:43
Empire Metals Ltd - London-based resource exploration and development company - Receives approval from the Australian Foreign Investment Review Board to go ahead with the acquisition of the Eclipse gold project in Western Australia, after raising GBP2 million to buy a 75% interest in the Eclipse gold mining licence in November. Says the final condition precedent is ministerial consent, which it expects to receive shortly.
Current stock price: 3.64 pence
Year-to-date change: up sharply from 1.65 pence at 2019 end
By Zoe Wickens; zoewickens@alliancenews.com
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