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Wanda Group gets approval to buy AMC Entertainment
By Ding Yining |
July 26, 2012, Thursday
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Online Edition
Online Edition
CHINA'S Dalian Wanda Group said it has won regulatory approval to acquire AMC Entertainment Holdings Inc in China and the US, paving the way for Wanda to become the world's biggest cinema owner.
The two companies received notice from the Committee on Foreign Investment in the US that the transaction has been cleared, according to a joint statement.
The transaction is expected to be completed at the end of August.
The National Development and Reform Commission, the Ministry of Commerce and the State Administration of Foreign Exchange have also given the nod for Wanda to proceed with the acquisition.
The Chinese private conglomerate announced on May 20 it will acquire AMC in a deal valued at US$2.6 billion in an effort to become a global cinema owner.
The deal marked the largest investment by a Chinese company in the US entertainment industry.
The two companies received notice from the Committee on Foreign Investment in the US that the transaction has been cleared, according to a joint statement.
The transaction is expected to be completed at the end of August.
The National Development and Reform Commission, the Ministry of Commerce and the State Administration of Foreign Exchange have also given the nod for Wanda to proceed with the acquisition.
The Chinese private conglomerate announced on May 20 it will acquire AMC in a deal valued at US$2.6 billion in an effort to become a global cinema owner.
The deal marked the largest investment by a Chinese company in the US entertainment industry.
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