Australian Treasurer blocks sale of electricity network to foreign bidders

The logo for Australia's biggest electricity network Ausgrid adorns its headquarters building in central Sydney, Australia.
David Gray | Reuters
The logo for Australia's biggest electricity network Ausgrid adorns its headquarters building in central Sydney, Australia.

Australia on Thursday blocked the sale of the country's biggest electricity network, Ausgrid, to foreign companies, citing national interest grounds.

State Grid Corp of China and Hong Kong's Cheung Kong Infrastructure Holdings were the short-listed bidders vying for the asset, which was expected to fetch over A$10 billion ($7.7 billion).

Australian Treasurer Scott Morrison told journalists that he could not support the sale proposed by the NSW state government.

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