Caixin
Nov 30, 2018 07:50 PM
BUSINESS & TECH

U.S. Blocks Chinese Takeover of Italian Interiors Company on Security Grounds

Before the deal was blocked by the U.S., Chinese interior design company Grandland had agreed to buy Permasteelisa, which manufactured the glass curtain wall for the Sydney Opera House, $519.81 million. Photo: VCG
Before the deal was blocked by the U.S., Chinese interior design company Grandland had agreed to buy Permasteelisa, which manufactured the glass curtain wall for the Sydney Opera House, $519.81 million. Photo: VCG

Interior design company Shenzhen Grandland Holdings Group Co. Ltd. announced in a filing with the Shenzhen Stock Exchange that it has cancelled plans to acquire a money-losing Italian construction materials unit after being blocked for security reasons — by the United States.

Grandland had agreed in August last year to purchase Permasteelisa S.p.a. for 467 million euros ($519.81 million) from its Japanese owner, building supplies producer Lixil Group Corp., according to a Grandland filing with the stock exchange on Wednesday (link in Chinese), subject to regulatory approval.

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