The Australian government has rejected an offer by the China Construction Group to acquire an Australian builder on national security grounds. According to Australian media reports, the Australian government is concerned that China Construction Group is acquiring sensitive information about Australia’s infrastructure through its acquisition of the Australian company.
According to Reuters, the Australian builder is Probuild, which has been involved in a number of wide-reaching projects, including the construction of a new police headquarters for Victoria, Australia’s second-largest state.
China Construction Group spent $231 million to acquire an 88 percent stake in Probuild held by a South African firm (Wilson Bayly Holmes-Ovcon Ltd, WBHO), but it was ultimately rejected.
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