No deal

27 November 2017 By Christopher Beddor Follow @cbeddor

Unexpected resistance from U.S. regulators led the investment banking boutique to scrap a stake sale to CEFC China Energy. Beijing connections once seemed to be the outfit’s entrée to global M&A but now loom as a big obstacle. Chinese companies may need a new overseas strategy.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Context News

Cowen announced on Nov. 24 that it had agreed to end a proposed deal with CEFC China Energy as the regulatory review period for the deal neared its end without approval.

The two firms agreed in March that CEFC would provide $100 million in equity financing in exchange for a 19.9 percent stake in the financial-services company, in addition to a further $175 million in debt financing. The deal, which had yet to be approved by shareholders, was submitted to the Committee on Foreign Investment in the United States for review.

Search the Archive

No deal

This content is for Subscribers only

Email a friend

Please complete the form below.

No deal

This content is for Subscribers only

Existing Users Log In

Email a friend

Please complete the form below.