abc.net.au/news/webuild-agreement-buy-clough-group/101773838Italian building company Webuild has reached an agreement to buy embattled WA construction firm Clough's Australian business, after it entered administration last week.An agreement for the acquisition was struck on TuesdayAdministrators from Deloitte reached a deal with Webuild on Tuesday.
The Italian company is set to acquire assets relating to the Clough's Australian business, as well as key projects like the Snowy Hydro 2.0 and Inland Rail contracts. The administrators will now enter a period of negotiation with Webuild to finalise an agreement before a deadline of December 21. Webuild had been involved in negotiations to acquire Clough Group before the WA-founded firm — which built Perth's Narrows Bridge in the 1950s — entered administration on December 5."In the last week, we have developed productive relationships with project principals and partners, and now have interim and ongoing funding agreements in place across 95 per cent of projects by value," Mr Tracy said.
Hopefully better business management than the previous management team
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Source: FinancialReview - 🏆 2. / 90 Read more »