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
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