The NSW government says it will re-launch the Ausgrid sale process after Treasurer Scott Morrison confirmed he would block Chinese and Hong Kong bidders for Ausgrid acquiring a major stake in the NSW electricity supplier.
Pointing to the structure of the transaction and "nature of the assets", Mr Morrison said on Friday he had issued an an order under the Foreign Acquisitions and Takeovers Act to prohibit the 99-year lease of 50.4 per cent of Ausgrid to both China's State Grid and Hong Kong-listed Cheung Kong Infrastructure.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
