Deals
Xenophobia Not Behind China Power Bid Rejection, Australia Says
- Australia has barred State Grid, CKI from buying Ausgrid
- Decision driven by ‘witches brew’ of nationalism: ex-minister
Why Did Australia Block Foreign Bids for Ausgrid?
This article is for subscribers only.
Australian Treasurer Scott Morrison rejected claims that xenophobia drove his decision to block the more than A$10 billion ($7.7 billion) sale of state-owned power network Ausgrid to Chinese bidders, insisting he acted on grounds of national security.
Morrison on Thursday barred State Grid Corp. of China and Hong Kong’s Cheung Kong Infrastructure Holdings Ltd. from buying 50.4 percent of the electricity distributor, saying it provided “critical power and communication services” to businesses and government.