Chinese bid for Aussie-based company rejected

Josh Frydenberg has rejected another Chinese company’s takeover bid for an Australian-based firm on national security concerns – a decision sure to further inflame tensions with our most important trading partner.

China State Construction Engineering Corporation has pulled its nearly $300bn bid for the South African-owned Probuild after getting word from the Treasurer before Christmas that the acquisition would be turned down after FIRB spent eight months assessing the deal. The Chinese company’s links to that country’s defence industry was the key reason behind the rejection, the AFR reported. Probuild was also involved in the construction of two sensitive buildings – the Victorian police headquarters and CSL’s Melbourne HQ, which is producing COVID-19 vaccines. Source: The Australian