SP Ausnet

SP Ausnet: Australia’s Treasurer Hockey has conditionally approved a foreign investment application from State Grid Corporation of China (State Grid) to acquire 19.9% of SP AusNet from S’pore Power Int’l. The State Grid is the world’s largest electric utility and is 7th on the Fortune Global 500. SP AusNet operates electricity transmission networks, electricity distribution networks and gas distribution networks in Victoria. The application is conditionally approved that at least 50% of members by State Grid to the Board of SP AusNet are Australian residents. According to Business Times, M&A professionals highlighted that the news is likely to spook some international investors who already view Australia as a tough place to do business. Treasury Hockey also stated “Australia is open for business and we welcome foreign investment when it is not contrary to the national interest”