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China/Australia: $3.2B buyout makes big move on China investment agenda

By  |  May 20, 2013

The world’s largest utility, the State Grid Corporation of China, which operates with revenues of about $300 billion, has announced a $3.2 billion bid for various assets of Australian energy companies. The move represents a political agenda, according to reports, to up Chinese investment in Australia. The company announced Saturday it would acquire a 19.9 per stake in SP AusNet, for $824 million; additionally, it has inked a deal to buy a 60 percent stake in unlisted Australian assets currently owned by Singapore Power. Singapore Power currently owns 31 percent of SP AusNet. The deal remains subject to review by the Australian Competition and Consumer Commission, as well as China’s National Development and Reform Commission.

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