In any other era, the sale of Probuild might have been a simple arrangement.
A Chinese bidder looking to expand its exposure in Australia offers $300 million for an Australian building company and all parties assumed it would proceed, given Probuild’s parent is listed in South Africa and the target is already in foreign hands.
The deal would not have been dissimilar to the sale of John Holland a few years ago to the China Communications Construction Company for three times the price, and that secured Foreign Investment Review Board (FIRB) approval, despite John Holland’s significant defence contracts at the time.
Chinese Ambassador to Egypt Liao Liqiang (L), Egyptian Health Minister Hala Zayed (C) and Egyptian Assistant Minister of Health for Public Health Initiatives Mohamed Hassani attend the signing ceremony of a letter of intent in Cairo, Egypt, on Dec. 31, 2020. (Xinhua/Wu Huiwo)
China s total exports to Egypt reached 12.06 billion U.S. dollars during the first 11 months of 2020, registering an annual increase of 12.2 percent, the Chinese Embassy in Egypt said on Wednesday.
Meanwhile, the total trade volume between the two countries during the same period hit 12.895 billion dollars, with a 10 percent annual increase, Han Bing, minister counselor for commercial affairs of the embassy, told an online press conference.
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Australian exporters face another “grim” year driven by tensions with China while a standoff over more than 70 ships stranded with Australian coal on board threatens to cause an international humanitarian crisis, the opposition has said.
China has lashed out at Australia for blocking a $300million deal that would have seen a Beijing-backed firm with links to the Chinese military in control of a major construction company.
Treasurer Josh Frydenberg shot down the offer made by state-owned China State Construction Engineering Corporation to acquire Australian-based company Probuild over national security concerns.
It s the latest escalation in a diplomatic spat between the two countries which have been at loggerheads since Australia called for an independent inquiry into the role of Chinese officials back in April, in the wake of the coronavirus pandemic which began in Wuhan in November 2019.