Blackstone has scrapped its planned $3bn purchase of Chinese property developer Soho China, after Beijing’s antitrust review of the deal dragged on.
The US private equity group had made its offer conditional on approval by the country’s competition authorities and in a joint statement on Friday, Blackstone and Soho China said they would not be able to receive antitrust approval in the agreed upon timeframe.
The HK$5 a share offer made in June valued the Chinese real estate group at HK$26bn (US$3.3bn) but came before Beijing expanded its regulatory clampdown on the technology sector to other industries.
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