Snowy 2.0 contractor Clough has collapsed after a $350 million acquisition deal fell through, in a fresh blow for the hydro scheme.
Italian contractor Webuild has pulled out of a $350 million proposed acquisition of engineering group Clough, forcing the Perth-based contractor, which is building Snowy 2.0, into administration.to Italy’s Webuild in early November in a $350 million conditional deal, which would have put the Italians solely in charge of building hydropower project Snowy 2.0.
But late on Monday, Webuild said in a short statement that the companies had “jointly determined and agreed that there is no reasonable prospect of that acquisition proceeding through to a successful completion.” Clough, one of the contractors building Snowy 2.0, is on the verge of collapse after Webuild said it would not proceed with an acquisition.“The parties have therefore unconditionally agreed to terminate the sale and purchase agreement with immediate effect,” Webuild said.Roberts said in a statement to the Johannesburg Stock Exchange that they had been “left with no choice but to place Clough and its subsidiaries under voluntary administration in Australia with immediate effect.
Webuild was going to give Clough an interim loan of $30 million to give it working capital until the proposed sale was completed.
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