Clough Group enters voluntary administration as WeBuild $350 million takeover deal collapses

On Monday WeBuild said following discussions they had pulled out of the deal Italian company WeBuild were originally set to acquire Clough in a $350m deal One of Australia's oldest building companies, the Clough Group, has entered voluntary administration leaving 1,250 employees in the lurch. On Monday, the Perth-based business's South African parent company Murray & Roberts informed investors that a $350million 'white knight' takeover deal had fallen through. On Monday, Perth-based Clough Group informed administrators that a $350million takeover deal for their company had fallen through The 102-year-old building and engineering company was set to be acquired by Italian construction group WeBuild but the deal ultimately collapsed 'Webuild now announces that the parties have jointly determined and agreed that there is no reasonable prospect of that acquisition proceeding through to a successful completion,' WeBuild said in a statement. The collapse of the takeover deal leaves Clough's 1,250 Australia-based employees as well as 1,250 employees from Papua New Guinea, the UK and the US facing uncertain futures The company's most notable project is currently the federal government's Snowy Hydro 2.0 expansion Clough's 1,250 Australia-based employees as well as 1,250 employees from Papua New Guinea, the UK and the US are now facing uncertain futures.