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Congressman Raises Alarm As China Seeks Takeover Of American Military Company
A Republican congressman is raising alarm at an attempt by the Chinese government to take over an American military company through an unsolicited bid offer.
GOP Rep. Duncan Hunter of California wrote a letter Wednesday to Treasury Department Secretary Jacob Lew, urging him to look into the details of the potential transaction.
“It has come to my attention that Terex Corporation, an American Company that manufactures heavy equipment, including cranes for the Army, Navy and other government agencies, has received an unsolicited takeover bid,” he wrote, adding, “the fact that a leading PLA supplier is seeking to purchase an American company that provides critical infrastructure equipment to a number of government agencies, including the Department of Defense and the Department of Homeland Security, demands that the agreement undergo thorough scrutiny if it does materialize.”
The context behind the letter is that Zoomlion Heavy Industry, which is a Chinese government-owned heavy equipment supplier to the People’s Liberation Army, recently issued an offer to take over Terex Corporation, which is currently valued at $3 billion.
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