A Chinese group that included Tencent scrapped its plan to buy 10% of European mapping company Here International NV after the US vetoed the deal on national security grounds. Plans by the syndicate failed to win clearance from the Committee on Foreign Investment in the United States (CFIUS), which must clear all such deals for national security considerations. The Chinese group announced its plan in December, which would have given it the right to appoint one member to the board of Amsterdam-based Here, the former mapping unit of Nokia. The deal won antitrust clearance from Germany in January. Here – owned by carmakers BMW, Daimler, Volkswagen’s Audi unit, and US chipmaker Intel – is developing three-dimensional maps for self-driving vehicles. The company has some operations in Chicago. Even though the Here deal involves just a 10% stake, CFIUS can veto such deals if it believes they could result in foreigners gaining control of a US business, a CFIUS lawyer told Caixin.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved