Chinese group drops plan to invest in HERE

Source:Reuters Published: 2017/9/27 21:03:39

A Chinese-led group has withdrawn its offer to buy a stake in German carmaker-backed mapping company HERE after it failed to win approval from a US national security oversight board.

Chinese mapping company Navinfo said Tuesday that it and its partners, Chinese internet giant Tencent and Singapore sovereign wealth fund GIC, had dropped plans to take a 10 percent stake in the company.

Navinfo said in a statement that it spent months after the deal was announced in January seeking approval from the US Committee on Foreign Investment (CFIUS). But after meeting CFIUS resistance, the group had decided to pull its investment offer. It did not give details of why the CFIUS opposed the investment.

HERE conducts business in the US and is 15 percent owned by US chipmaker Intel Corp.



Posted in: ECONOMY,COMPANIES

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