HBIS Group, a Chinese iron and steel manufacturing conglomerate, offered to buy a stake in the South East Asia business of Tata Steel, an Indian multinational steel-making company, for $327m. The deal was ultimately terminated. "We have been informed by HBIS that they have not been able to procure the requisite approvals from the Hebei Government, one of the key conditions precedent for the proposed transaction. Both parties have, therefore, decided not to extend the definitive agreements," Tata Steel.