Joe Hockey approves Chinese takeover of John Holland

TREASURER Joe Hockey has approved the takeover of one of Australia's biggest engineering firms, John Holland, by a Chinese construction company.

The Australian company, which employs more than 5600 people in eight countries, can now be sold to the Chinese firm CCCC International Holding Limited, a subsidiary of state-owned China Communications Construction Company.

Mr Hockey said despite concerns about a 2009 World Bank debarment of the Chinese company, the fourth largest construction company in the world by revenue, he was satisfied "arrangements" were put in place to ensure the takeover was not contrary to the national interest.

John Holland Group is currently owned by Leighton Holdings, after the construction giant took it over in 2000.

Some reports have indicated the Chinese takeover could be worth more than $1 billion once completed.

 


Every dog has its day

Every dog has its day

All the fun from Roma's Dachshund Day 2018

One hundred years on

One hundred years on

Dignitaries arrived in Roma for the centenary of Heroes' Avenue.

Hefty punishment for 'cowardly' assault

Hefty punishment for 'cowardly' assault

The attack left the victim with a facial laceration.

Local Partners