April 2 (Bloomberg) — Bank of China Ltd., the world’s third-largest by market value, said it scrapped a planned 236 million-euro ($313.3 million) investment in La Compagnie Financiere Edmond De Rothschild after a second deadline for getting government approval expired.
“The agreement has expired and has automatically become invalid,” Bank of China spokesman Wang Zhaowen said in a telephone interview from Beijing today. “We may in the future seek cooperation in other areas” with the French firm.
Bank of China was forced to extend an original Dec. 31 deadline for the deal, announced in September, by three months after failing to get state approval. The Chinese bank had agreed to purchase a 20 percent stake in the Paris-based asset manager.
By Zhang Dingmin