Abstract
In September 2012, for only the second time in history, the President exercised his statutory authorities to prohibit the acquisition of a US company on national security grounds. This matter, involving Chinese-controlled Ralls Corporation, offers valuable lessons for foreign companies contemplating US investments. In particular, the Ralls case highlights the dangers associated with transactions that close without CFIUS consideration, the risks associated with physical proximity to sensitive US facilities, and the benefits of early consultations with experienced CFIUS counsel. At the same time, the Ralls matter does not portend any change in US openness to foreign investment-including from China.
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