May 17, 2018 / 5:15 PM / 3 months ago

China's AT&M seals takeover of German aerospace supplier Cotesa - Handelsblatt

FRANKFURT (Reuters) - China’s Advanced Technology & Materials (AT&M) 000969.SZ has completed its takeover of Cotesa, the head of the German aerospace supplier told the Handelsblatt newspaper, following an investigation by German authorities.

The German economy ministry in December launched a review of the deal after tightening its rules on foreign corporate takeovers, concerned that important technology and know-how was being transferred to foreign countries.

“The deal is done,” Cotesa Chief Executive Joerg Huesken was quoted as saying by the paper, which added Berlin had recently approved the transaction.

AT&M counts China Iron & Steel Research Institute as its largest shareholder, a state-owned company that aims to make Chinese aircraft maker Comac competitive with Airbus (AIR.PA) and Boeing (BA.N).

Reporting by Christoph Steitz; Editing by Mark Potter

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