News Summary: AMC theater chain to be sold

By The Associated Press

THE DEAL: In the biggest takeover of a U.S. company by a Chinese one to date, Dalian Wanda Group Co. plans to buy the movie chain AMC Entertainment Holdings for $2.6 billion.

THE TREND: The purchase reflects the global ambitions of a wave of cash-rich Chinese companies that are using acquisitions to speed their expansion and obtain foreign skills and brand names.

THE SPECIFICS: The Beijing-based company said it will invest $500 million more in developing AMC, which now operates 346 cinemas, most in the United States and Canada, and says it has 23 of the 50 highest-grossing U.S. outlets.