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December 10, 2016

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Home » Business » Economy

China blasts Washington for blocking acquisition

CHINA’S Ministry of Commerce criticized the United States yesterday for thwarting a Chinese investment fund’s proposed acquisition of German semiconductor equipment maker Aixtron.

China’s Fujian Grand Chip Investment Fund has dropped its 670-million-euro (US$711 million) takeover offer to buy the German company, after the US blocked the deal on security grounds.

“The US, in the name of national security, frequently departs from market and commercial principles to interfere with normal business activity,” ministry spokesman Shen Danyang said at a briefing.

The deal fully conformed “with international business practices and market principles and shouldn’t have been subjected to political interference,” Shen said.

The Aixtron deal had been in trouble for some time.

The German government withdrew its approval for the deal in October, reportedly at the bidding of the US.

Last week, US President Barack Obama halted acquisition of Aixtron US following an assessment by the Committee on Foreign Investment in the US, an inter-agency task force under the Treasury Department.

“We hope the US maintains an objective view about Chinese enterprises investing overseas,” Shen said.

On Monday, foreign ministry spokesman Lu Kang said the Chinese government “resolutely opposes the politicization of any normal commercial takeover.”


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