An Australian energy retailer says a deal to sell itself to a Chinese government-backed renewables developer for $100 million could collapse after its suitor failed to obtain approval from the Foreign Investment Review Board (FIRB) despite having attempted to for more than 18 months.
ASX-listed TPC Consolidated owns electricity and gas retailer CovaU and had agreed to the buyout from Beijing Energy International Holding in March last year. Despite multiple extensions, the company said that FIRB had yet to decide whether to allow the transaction to proceed.
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