GERMANY has blocked the sale of two important companies to Chinese investors as Berlin toughens its stance on attempts to scoop up critical assets and 'Made in Germany' technology, reports Bloomberg.
The German government blocked the sale of Elmos Semiconductor SE's wafer facility to a Swedish subsidiary of China's Sai MicroElectronics as well as a proposed takeover of ERS Electronic.
'The times are over when one just sat back' and assumed that the German government shouldn't intervene in such deals, said Economy Minister Robert Habeck, confirming the decision on Elmos. 'These decisions are now embedded in a context which is highly political.'
German Chancellor Olaf Scholz's ruling coalition agreed to veto both deals during its weekly cabinet meeting following a recommendation by the economy minister, according to a person familiar with the decision.
SeaNews Turkey
The German government blocked the sale of Elmos Semiconductor SE's wafer facility to a Swedish subsidiary of China's Sai MicroElectronics as well as a proposed takeover of ERS Electronic.
'The times are over when one just sat back' and assumed that the German government shouldn't intervene in such deals, said Economy Minister Robert Habeck, confirming the decision on Elmos. 'These decisions are now embedded in a context which is highly political.'
German Chancellor Olaf Scholz's ruling coalition agreed to veto both deals during its weekly cabinet meeting following a recommendation by the economy minister, according to a person familiar with the decision.
SeaNews Turkey
