China blocks Meta's $2 billion acquisition of Singaporean AI startup Manus
By
April Roach, Evelyn Cheng, Kai Nicol-Schwarz
Hot, fresh, and worth queueing round the block for.
Summary
China's National Development and Reform Commission has blocked Meta's $2 billion acquisition of Manus, a Singaporean AI startup with Chinese roots, citing legal and regulatory grounds. The decision has drawn scrutiny from both China and Washington, and Meta has been asked to unwind the transaction. Meta's stock was slightly up in morning trading following the announcement.
Key quotes
· 4 pulledChina's state planner on Monday called for Meta to unwind its $2 billion acquisition of Manus, a Singaporean artificial intelligence startup with Chinese roots.
The decision to prohibit foreign investment in Manus was made in accordance with laws and regulations, the National Development and Reform Commission said in a brief statement.
It added that it has asked the parties involved to withdraw the acquisition transaction.
The deal had attracted scrutiny from both China and Washington, as lawmake
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