China Communications Construction Company subsidiary CCCC International last December made a bid of around $1.15 billion to buy engineering construction firm John Holland from Spanish-controlled Australian-listed building giant Leighton Holdings.

The deal was subject to Foreign Investment Review Board (FIRB) approval, which has finally been granted by the Treasurer Joe Hockey. “The Government welcomes foreign investment where it is not contrary to our national interest,” said Mr Hockey in a statement. “Foreign investment has helped build Australia’s economy and will…