Government sources said Commerce Secretary Grant Shapps vetoed the takeover of Britain’s largest chipmaker Newport Wafer Fab by Nexperia on Wednesday. The reason for the decision is a comprehensive assessment of national security.
A government spokesman said Shapps had ordered Nexperia to sell at least 86 percent of the shares in the Welsh semiconductor company to avoid potential threats to national security.
The company Nexperia is based in the Netherlands but owned by the Chinese smartphone maker Wingtech. Nexperia acquired the Newport Wafer Fab in July last year.
The acquisition of one of the UK’s leading industrial companies by a Chinese company has faced significant criticism in the UK due to escalating tensions between London and Beijing.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
