Chinese company withdraws bid for Australian builder after Government flags security risk

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A $300 million offer by a Chinese company to buy an Australian builder is withdrawn on the back of advice that Treasurer Josh Frydenberg and the Foreign Investment Review Board will declare the transaction a risk to national security and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.

A $300 million bid by a Chinese company to buy Australian construction firm Probuild has been withdrawn.Probuild's parent company said they were advised the Federal Government would likely reject the takeover bid on national security groundsProbuild constructed the Melbourne headquarters of biotech firm CSL and is building the new Victorian Police headquarters

Probuild is the company behind the construction of the Melbourne headquarters of biotech firm CSL — the manufacturer of Australia's locally produced COVID-19 vaccines that will beWBHO said the offer to buy Probuild was withdrawn on the back of advice that Treasurer Josh Frydenberg and the Foreign Investment Review Board would declare the transaction a risk to national security and contrary to Australia's interest.

"WBHO notes that after significant time, investment and ongoing commitment from both WBHO and the potential acquirer in progressing the Proposed Transaction, due diligence was completed and commercial terms of the Proposed Transaction were otherwise materially agreed between the parties.""The Government does not comment on the application of the foreign investment screening arrangements as they apply or could apply to particular cases," the statement said.

As well as the CSL building, Probuild is building the new Victorian Police headquarters. Both are believed to be factors in the decision to reject China State Construction Engineering Corporation's application to acquire the builder.

 

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It is extremely dangerous to allow companies with a Chinese military background to participate in the construction😬

It’s a good start for Australia!

GREAT

Odd, no mention in the article of John Holland, builder which continues to win majority of state & Commonwealth work, is 100% Chinese owned. Probuild does private developer apartments, shopping centres & commercial buildings. RachelPupazzoni

now the money goes to other countries.

With the new investment deal between China and the EU, no point in China wasting more time looking at Australia.

After wine 🍷, coal, seafood, timber, barely, cotton and the rest, it was a bloody good decision.

China blocks our trade there so we block their investment here. Sounds fair. I wonder if China's politicians and media will go loudly bleating and whining about it as we did here. Is there a chinese equivalent of the 'Great Aussie Whinge'?

good. we don't want or need china. everything they build or make falls apart or breaks....except for the coronavirus. China CCP

Excellent news.

Australia is such a racist exclusionary country that even the Chinese won't invest here

Great work JoshFrydenberg 🥇

Good news

as well as our media corporations. 60% owned by foreign investors, those belongs to Murdoch's. he's American not Australian. Do you think it is appropriate?

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