Australia

Australia

Australian FIRB blocks a foreign acquisition for national interest reasons

19 Aug 2016

On 19 August 2016, Australia’s Treasurer prohibited the proposed acquisition (a 99-year lease) by foreign investors for the lease of 50.4 per cent of Ausgrid, the New South Wales electricity distribution network, under the Foreign Acquisitions and Takeovers Act 1975. The Australian government blocked the acquisition as this would be contrary to the national interest.

Nature of measure:
  • Entry restriction
Type:
  • Entry and establishment (Approval and admission - screening)
Industry:
  • Services (Electricity, gas, steam and air conditioning supply)
Inward FDI:
No
Outward FDI:
No
Sources: