Chinese investment firm Zhongwang USA has abandoned plans to purchase US aluminium maker Aleris for $$2.33 billion after failing to get approval from American authorities. Zhongwang USA had said back in August 2016 it was looking to purchase Aleris. But the deal triggered national security concerns because the American company produces and tests specialised alloys used by the defence sector and its research is deemed crucial to US economic and national interests. Cleveland-based Aleris is owned by a group led by funds from Oaktree Capital Management and Apollo Management.
Chinese investment firm Zhongwang USA has abandoned plans to purchase US aluminium maker Aleris for $2.33bn after failing to get approval from American authorities. Zhongwang USA had said back in August 2016 it was looking to purchase Aleris. But the deal triggered national security concerns because the American company produces and tests specialised alloys used by the defence sector and its research is deemed crucial to US economic and national interests. Cleveland-based Aleris is owned by a group led by funds from Oaktree Capital Management and Apollo Management.