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Chinese conglomerate drops bid to invest in US investment bank Cowen

CEFC China Energy Co. Ltd.'s deal to buy a nearly 20% stake in Cowen Inc. has been scuttled due to challenges in getting the approval of the U.S. authorities for the investment of the Chinese oil and financial services conglomerate in the U.S.-based boutique investment bank.

The two companies determined to withdraw their filing with the Committee on Foreign Investment in the U.S. and will not pursue the transaction. The deal would have secured a $100 million equity investment and $175 million in debt financing for Cowen.

Cowen Chairman and CEO Peter Cohen said in a statement that the company will "remain committed to developing strategic alliances."