CHINESE CONSTRUCTION GIANT SWOOPS FOR AUSTRALIAN CONTRACTOR JOHN HOLLAND

摘要

John Holland is to be acquired by China Communications Construction Company (CCCC). Leighton Holdings announced last month that it had entered into a binding share sale agreement with a CCCC subsidiary, CCCI. The value of the deal is approximately AUD 1.15bn(USD 930M). The state-owned Chinese corporate giant, the fourth largest construction company in the world by revenue, has a market value of around USD 19bn and gains a solid foothold in the Australian market with the deal. John Holland MD Glenn Palin said: "We are excited about the opportunity that joining with CCCI presents for our business." President of CCCI, Lu Jianzhong said: "This is a momentous step for our company. We believe there are very significant growth opportunities in the Australian market. "From our perspective, ownership of John Holland is the optimal way for CCCC to participate in this dynamic market as part of our aim to be a global transportation infrastructure business. We have a very high regard for the existing senior management team and its technical staff and value their relationships with John Holland's customers.