Australia has blocked a A$300m takeover offer by a Chinese state-owned company for a local building contractor in a move that reflects the intense diplomatic and trade tensions between Beijing and Canberra.
The decision to block China State Construction Engineering Company from acquiring Probuild on “national security” grounds is the first negative assessment made by Canberra since tough new foreign investment (Firb) rules came into force on January 1.
The regulations hand Canberra greater powers to review proposed investments in sensitive sectors by foreign bidders, scrutinise compliance with approval conditions set by government, and order divestments.
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