U.K, Jan. 12 -- Wilson Bayly Holmes-Ovcon(WBHO), the South African construction company, says that a potential sale of its 88 percent stake in Probuild, the Australian construction firm, has been cancelled after the Australian government rejected it, citing security concerns.
The buyer - which was not named by WBHO - terminated the deal after it was informed by Australia's Foreign Investment Review Board that its investment application in Probuild would not be approved, WBHO said in a statement.
In a filing to the Johannesburg Stock Exchange, the South African firm said that "a major international construction and civil services company" pulled its offer after learning that Australia's foreign takeover regulator would reject it "on the gr...