Italy's Webuild drops acquisition of Australia's Clough

Italy's biggest construction group Webuild WBD has dropped the proposed acquisition of Australian rival Clough, it said on Monday.

Webuild said in a statement it had agreed with Clough's parent company Murray & Roberts MUR that there was "no reasonable prospect" for the deal to reach a successful completion.

Webuild, which had announced the operation last month without disclosing any financial details, said it would continue to "look for opportunities for growth, including in the Australian market".