Deals
Chinese Bid for Stake in Mapping Firm Denied by U.S. Panel
- NavInfo, investors scrap HERE stake deal after CFIUS denial
- Mapping firm to continue cooperating with Chinese counterparts
A NavInfo stand at the CES Asia in Shanghai, China, on May 11, 2016.
Source: dycj - Imaginechina/AP ImagesThis article is for subscribers only.
Chinese investors led by digital map provider NavInfo Co. called off plans to buy a stake in counterpart HERE Technologies after U.S. authorities withheld approval, the latest China-linked deal to run afoul of a secretive American national security panel.
The rejection shows the long reach of the U.S. security review process, which effectively scuttled a bid by Asian partners to buy a minority chunk in a European-run company. While the U.S. has halted at least one similar deal in the past, under President Donald Trump the government has appeared to intensify its caution toward Chinese acquisitions.