Photographer: Jeremy Piper/Bloomberg

Australia Bars Foreign Investors From Buying 50.4% of Ausgrid

Australia’s Treasurer Scott Morrison confirmed he will block foreign bidders from buying a majority stake in state-owned power network Ausgrid, saying it would be against the national interest.

Morrison last week made a preliminary ruling that State Grid Corp. of China and Hong Kong’s Cheung Kong Infrastructure Holdings Ltd. would be barred from buying 50.4 percent of the electricity distributor on national security grounds.

He confirmed that decision Friday after giving the bidders a week to submit revised proposals.

The decision risks souring relations with Australia’s biggest trading partner China, which has accused the government in Canberra of protectionism.

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