China blocks Meta's $2 billion takeover of AI startup Manus
China has blocked Meta's $2 billion acquisition of AI startup Manus, which was intended to enhance its artificial intelligence capabilities. The Ministry of Commerce initiated an investigation into the deal's compliance with various laws and regulations. APEC officials emphasized the importance of mutual benefit in resolving such issues to foster further discussions.
- ▪Meta aimed to accelerate AI innovation through the acquisition of Manus.
- ▪China's Ministry of Commerce is investigating the deal for compliance with export controls and investment regulations.
- ▪APEC officials highlighted the need for mutual benefit in resolving the acquisition issue.
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When Meta announced the deal late last year, the tech giant said it would look to accelerate artificial intelligence innovation for businesses and integrate advanced automation into its consumer and enterprise products, including its Meta AI assistant.But in January, China's Ministry of Commerce said it would conduct an assessment and investigation into how the acquisition complied with laws and regulations concerning export controls, technology import and export, and overseas investment.A Meta spokesperson told CNBC that the transaction "complied fully with applicable law," and that it anticipated "an appropriate resolution to the inquiry."When asked about China's move to block Meta's acquisition of Manus, APEC Senior Officials Meeting Chairman Chen Xu told reporters that it is…
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