Prime Minister Anthony Albanese has confirmed the government is looking at an 11th hour approval for a loan to an Aussie defence company to acquire a weapons manufacturer before China swoops in.
Defendtex has offered to repay the loan plus interest in 12 months, based on already signed contracted sales. DefendTex’s CEO, Travis Reddy responded from Paris, where he is now seeking European support, publicly stating he’s trying to prevent the asset from falling into Beijing’s hands, and its state-owned company Norinco, who recently wrote to Brazil’s Defence Minister to signal its keen interest in buying the distressed company.
“They can’t see this incredible opportunity that an Australian company has seen,” Mr Shoebridge said.
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