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BBG-Cabinet Set To Block Acquisition Of Chipmaker By Chinese-Owned Firm

GERMANY

Bloomberg is reporting that the German gov't is set to block the acquisition of Elmos' Dortmund-based wafer facility, which makes semiconductors for the car industry, to Silex Microsystems AB, a Swedish firm which is a subsidiary of China's Sai MicroElectronics Inc.

  • The German gov't has been at odds with EU partners and itself in recent weeks regarding its China strategy. The sale of a stake in a terminal at the Port of Hamburg to China's Cosco Shipping caused consternation within the federal coalition, even with a reduction in the size of the stake provided to the Chinese firm.
  • Chancellor Olaf Scholz visited China last week with a business delegation, becoming the first G7 leader to meet with President Xi Jinping since the COVID-19 pandemic began. There remains particular concern in the West regarding China's role in the national security-relevant semiconductor and microchip sector, making any takeover attempts a difficult sell at present.
  • Wires reporting sources within the German economy ministry stating that 'work on the gov'ts China strategy is not about decoupling, but rather about reducing unilateral dependencies'.
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