Australian Based Probuild News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Australia Rejects $300M Chinese-Bid for Construction Giant Probuild A multi-million dollar bid by one of the world’s largest construction firms to acquire a majority stake in Australian-based Probuild has been blocked by the foreign investment regulator and Treasurer Josh Frydenberg. The almost $300 million bid by the state-owned China State Construction Engineering Corporation (CSCEC) to acquire an 88 percent stake in Probuild was rejected on “the grounds of national security” by the Foreign Investment Review Board (FIRB). According to an investor notice from current Probuild owner, So...

Advertisement Treasurer Josh Frydenberg has rejected a takeover bid for one of Australia's largest builders from a Chinese government controlled company over concerns it could give foreign intelligence services access to information about the nation's critical infrastructure. China State Construction Engineering Corp launched the bid last year for a major stake in Probuild, the Australian subsidiary of a South African-owned company, in a deal understood to be worth more than $200 million. The planned acquisition of major builder Probuild by state-owned China State Construction Engineering Cor...