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Australian consortium buys power grid after Chinese bid blocked

Canberra has twice blocked the sale of the country's biggest private landowner cattle firm to Chinese-led consortiumsHalf of Australia’s largest electricity network has been sold to two local firms for Aus$16.189 billion (US$12.35 billion), after Canberra blocked a Chinese bid citing national security. The Australian government has been concerned about investment from Beijing, and twice rejected the sale of the country’s biggest private landowner cattle firm S. Kidman and Co to Chinese-led consortiums. The sale of 50.4 percent of Ausgrid, New South Wales state’s electricity network, for a 99-year lease to the all-Australian consortium — fund manager IFM and pension fund AustralianSuper — means the transaction does not have to be approved by the Foreign Investment Review Board (FIRB).

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