The battery technology company told the U.S. Securities and Exchange Commission that it is withdrawing its plans for an initial public offering, citing a rule that lets companies change their decision to go public to protect the public interest and investors. (The Logic)

Talking point: The abandoned IPO would have been a major deal for Brookfield Business Partners and Caisse de dépôt et placement du Québec, which would have retained voting control of Clarios had it listed on the New York Stock Exchange. Clarios had been targeting a valuation of nearly US$11 billion when it filed to go public in 2021, less than the US$13.2 billion that Brookfield and CDPQ paid for it. The company, which makes low-voltage batteries for about a third of the world’s gas and electric vehicles, has struggled to time the IPO market, having already once delayed its plans over market volatility. Instead, Clarios may raise several million U.S. dollars in debt, according to Bloomberg, even while overall U.S. IPO activity has risen.