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.