China's Huawei withdraws from U.S. company purchase

19:01, February 21, 2011      

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A leading Chinese telecommunication equipment manufacturer confirmed Monday that it would abandon its efforts to acquire assets of a U.S. computer company as recommended by a security panel.

"Huawei Technologies Ltd. has withdrawn its application to the Committee on Foreign Investment in the United States (CFIUS) for approval of its purchase deal with 3Leaf Systems," a Huawei senior executive told Xinhua in a telephone interview.

"That means Huawei will also pull out of the 3Leaf Systems purchase deal," the executive said on condition of anonymity.

Huawei bought servers and intellectual property rights from bankrupted 3Leaf Systems last May for 2 million U.S. dollars.

Huawei said it did not apply for approval from the CFIUS in advance because it bought only assets of the company, not the company itself.

On Feb. 11, the CFIUS recommended Huawei to part with the assets it had bought, citing security reasons.

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