Chinese-Led Group Scraps Plan for Stake in Here Mapping Company

A trio of Chinese companies has abandoned plans to buy a 10% stake in Here, an Amsterdam-based maker of high-resolution maps for self-driving cars after the bid was opposed by a U.S. national security panel.

The group comprises Singapore sovereign wealth fund GIC and two Chinese companies: internet services provider Tencent and mapping company Navinfo.

The companies intended to buy their share from Here controlling shareholders Audi, BMW and Daimler. But the deal collapsed after the bid was opposed by the U.S. Committee on Foreign Investment. Here is 15% owned by U.S. computer chipmaker Intel.

It isn’t clear why CIFUS rejected the proposal. But Here and Navinfo say they intend to collaborate to develop hi-res maps for the Chinese market without involving an investment by Navinfo or its two partners.

Here is described as the world’s largest supplier of digital maps to the auto industry.