Germany Likely To Block Chinese Takeover Of Elmos’ Chip Production
The German government will likely block the Chinese takeover of Elmos’ chip factory, the Dortmund-based company said on Monday, 7 November 2022.
Reporting by Tom Sims; Editing by Josie Kao
(REUTERS): The economics ministry had been examining the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics. The deal “will most likely be prohibited” in a “new development”, Elmos said on Monday.
Until Monday, the ministry “had indicated to the parties that the transaction most likely will be approved”. Elmos said that it would examine further steps “after receiving the final assessment”.
Silex did not immediately respond to a request for comment outside of normal business hours.
In another report, Germany’s economy ministry has recommended to the cabinet that the government block the Chinese takeover of Elmos’ chip factory, saying it would pose a threat to national security, ministry sources said on 8 November 2022. Milder measures, such as an injunction, are not suitable for addressing the identified dangers, added the sources.
The sources added the economy ministry and the government are currently working on a China strategy focused on reducing one-sided dependencies and encouraging diversification, as well as protecting infrastructure and preventing technology leakage.
German Chancellor Olaf Scholz said during a trip to Beijing last week that it was clear that China and Germany were no friends of “decoupling”, while also complaining about increased difficulties for German companies accessing the Chinese market.
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