The Committee on Foreign Investment in the US — which reviews transactions between foreign and American companies and declared last month that ByteDance had to divest its US operations — was set to review the proposed deal on Tuesday. Bloomberg reports that Treasury Secretary Steven Mnuchin has reviewed the proposed deal.If CFIUS approves the deal, Trump will have to sign off on the details. The Chinese government will also have to agree to the terms before the deal is official.
Although it initially appeared as if the Oracle deal would not face any substantial challenges, some US lawmakers penned a letter TuesdayIf the deal is rejected, it could send negotiations back to square one. The US government has set a deadline of September 20 for ByteDance to finalize a deal, with the threat of a ban still looming over the situation.
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