Zhongwang USA, an investment firm backed by a Chinese tycoon, has called off its planned acquisition of US aluminum maker Aleris after failing to win US government approval, the companies said on Monday, November 13.
The companies said the US$2.33 billion deal was terminated by mutual agreement after the US Committee on Foreign Investment in the United States, which assesses mergers to ensure they do not endanger national security, did not approve it.
”The Aleris acquisition was a win-win opportunity for American workers and Zhongwang USA, particularly in Kentucky, Ohio, Michigan, and Iowa, where Zhongwang’s substantial additional capital investment would increase productivity and American competitiveness while supporting in excess of 1,000 new jobs across four states,” the company said in a statement.
Full Content: Business Insider
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI