- Merger of Perth-based Clough Group construction company falls through
- Italian company WeBuild were originally set to acquire Clough in a $350m deal
- On Monday WeBuild said following discussions they had pulled out of the deal
One of Australia’s oldest building companies, the Clough Group, has entered voluntary administration leaving 1,250 employees in the lurch.
On Monday, the Perth-based business’s South African parent company Murray & Roberts informed investors that a $350million ‘white knight’ takeover deal had fallen through.
The 102-year-old building and engineering company, which is building the Australian Government-backed Snowy Hydro 2.0 energy project, was set to be acquired by Italian construction group WeBuild.
A conditional deal was struck on November 8 but less than a month later it had fallen apart, with the European business announcing there is ‘no reasonable prospect’ of it going ahead.
On Monday, Perth-based Clough Group informed administrators that a $350million takeover deal for…