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Chinese Company Abandons Planned Acquisition of Vizio

posted by on Wednesday April 12 2017, @05:12PM   Printer-friendly
from the too-many-embedded-NSA-moles dept.

takyon writes:

http://www.reuters.com/article/us-vizio-m-a-leeco-idUSKBN17C2MX

LeEco has scrapped a planned $2 billion acquisition of U.S. consumer electronics company Vizio due to regulatory issues, a fresh setback to the cash-strapped Chinese conglomerate's expansion drive. The deal was first announced in July, with LeEco agreeing to acquire the Irvine-based manufacturer of LCD/LED flat panel TVs. A LeEco representative cited a "Chinese policy factor" for abandoning the proposal, but declined to provide further details.

LeEco, one of China's most ambitious companies that grew from a Netflix-like video website to a business empire spanning consumer electronics to cars within 13 years, is struggling to meet its ambitions that include beating Elon Musk's Tesla Motors (TSLA.O) in premium electric vehicle making. In recent months, LeEco has faced financial troubles which founder and chairman Jia Yueting has attributed to the rapid pace of business growth, calling it a "big company disease".

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  • (Score: 3, Funny) by DannyB on Wednesday April 12 2017, @08:11PM (4 children)

    by DannyB (5839) Subscriber Badge on Wednesday April 12 2017, @08:11PM (#493032) Journal

    Laying off employees or re-accommodating them?

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  • (Score: 0) by Anonymous Coward on Thursday April 13 2017, @02:22AM (3 children)

    by Anonymous Coward on Thursday April 13 2017, @02:22AM (#493221)

    Oscar Muñoz, is that you?

    • (Score: 0) by Anonymous Coward on Thursday April 13 2017, @02:52AM (2 children)

      by Anonymous Coward on Thursday April 13 2017, @02:52AM (#493231)

      In March 2017, Muñoz was named "Communicator of the Year for 2017" by PRWeek.

      • (Score: 2) by DannyB on Thursday April 13 2017, @01:31PM (1 child)

        by DannyB (5839) Subscriber Badge on Thursday April 13 2017, @01:31PM (#493352) Journal

        I nominate Muñoz for the 2017 Kellyanne Conway award for credibility.

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