Australia Blocks Electricity Network Sale to Chinese Bidders

Australia blocked the A$10 billion ($7.7 billion) sale of its biggest energy grid to State Grid Corp of China and Hong Kong's Cheung Kong Infrastructure Holdings citing security concerns. 
Nine months after clearing the sale of TransGrid to an investor group, Australian Treasurer Scott Morrison said on Thursday he was rejecting the sale of Ausgrid to the rival Asian bidders because of risks to the national interest. 
"During the review process national security issues were identified in critical power and communications services that Ausgrid provides to businesses and governments," Morrison said in a statement. 
Australia's decision to reject the bids deprives the New South Wales state government of what would have been a record haul for a single privatization sale, and also underscores the country's changed political climate since a handful of protectionist senators took power in general elections last month. 
The Australian Senate cannot block offshore sales, but Morrison's conservative government needs to maintain favorable relations with the crossbench which now holds the balance of power in the upper house.

Source : QNA