Italy-based global contractor Webuild S.p.A. has cancelled a $237-million planned purchase of Perth-based construction firm Clough Ltd. from its South Africa-based parent Murray & Roberts Holding Ltd.—a deal that was set to boost the European firm's Australia footprint—saying the companies “jointly determined and agreed that there is no reasonable prospect of that acquisition proceeding through to a successful completion.”
Webuild announced the deal on Nov. 8, noting Clough’s reported 2021 revenue of $960 million and a $2.1-billion backlog, mainly in Australia and North America, but announced the transaction's "immediate" end on Dec. 5.