Deals
China's Creat Edges Closer to U.S. Deal on Biotest
- Companies face CFIUS’s Saturday deadline on $1.4 billion deal
- Beijing group is likely to cede control of Biotest’s U.S. unit
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China’s Creat Group Corp. is making progress in securing approval from the U.S. government for its proposed acquisition of German blood plasma supplier Biotest AG as a deadline looms, according to people familiar with the matter.
Creat has offered to cede control of U.S. operations in order to proceed with the 1.2 billion euro ($1.46 billion) takeover, the people said, asking not to be identified as the talks are confidential. The companies, which face a Saturday deadline to appease the Committee on Foreign Investment in the U.S., or CFIUS, are in final negotiations with the regulator regarding selling or separating the business, the people said. Shares of Biotest surged by a record.