The Australian government has approved State Grid Corp of China’s A$5 billion (US$4.44 billion) bid to buy into two Australian power companies, news portal Tencent Finance reported Friday. State Grid will take a 19 percent stake in power supplier SP Ausnet and up to 60 percent of SPI (Australia) Assets, both of which are controlled by Singapore government investment group Temasek Holdings, the report said. In the last few weeks, the Australian government blocked a A$2.8 billion takeover bid by US-based agricultural giant Archer Daniels Midland Co. for GrainCorp. Ltd.
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