September 26, 2017 / 11:35 AM / a year ago

Chinese group drops plans to invest in German-led maps firm HERE

FRANKFURT, Sept 26 (Reuters) - A Chinese-led group seeking to buy a stake in the German carmaker-backed mapping company HERE, has withdrawn its offer after the group failed to win approval from a U.S. national security oversight board, the companies said on Tuesday.

Navinfo said the company and partners Chinese internet giant Tencent and Singapore wealth fund GIC, were dropping plans to take a 10 percent stake in HERE, which is developing high-resolution maps to enable autonomous driving.

The Chinese mapping company said in a statement it spent months after the deal was announced in January seeking approval from the U.S. Committee on Foreign Investment. But meeting with CFIUS resistance, the group plans to pull its investment offer.

Navinfo and Amsterdam-based HERE said in separate statements that they both plan to carry ahead with planned cooperation to offer mapping share data for future autonomous driving mapping services in China, without taking a financial stake in HERE. (Reporting by Eric Auchard; Editing by Arno Schuetze)

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