The gas turbine business of the large engine manufacturer MAN Energy Solutions, which is part of Volkswagen, is apparently not allowed to be sold to China after all. The reports that Handelsblatt and refers to several people familiar with the process.
The reason for the ban was security concerns in several federal ministries involved, namely the Ministry of Defense, the Ministry of Economic Affairs and the Foreign Office. The potential Chinese buyer, CSIC Longjiang Guanghan Gas Turbine, has close ties to the Chinese defense industry. There is therefore great skepticism in security circles regarding a sale to China. As the newspaper reports, the Federal Chancellery is also likely to agree to a ban on the takeover.
The formal process is expected to be completed in the coming weeks. The lead Federal Ministry of Economics did not want to comment when asked.