Dalian Wanda gets green light for AMC deal
By Ding Yining |
July 27, 2012, Friday
|
Print Edition
Print Edition
DALIAN Wanda Group said it has received regulatory approval to acquire US-based AMC Entertainment Holdings Inc, 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 from the two companies. 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 approval for Wanda to proceed with the acquisition.
The Chinese private conglomerate announced on May 20 it will take over AMC in a deal valued at US$2.6 billion as it seeks to become a global cinema owner.
It will acquire AMC's 346 multiplex theaters, mostly in major cities in North America.
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 from the two companies. 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 approval for Wanda to proceed with the acquisition.
The Chinese private conglomerate announced on May 20 it will take over AMC in a deal valued at US$2.6 billion as it seeks to become a global cinema owner.
It will acquire AMC's 346 multiplex theaters, mostly in major cities in North America.
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