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