Sai Microelectronics: the acquisition of automobile chip manufacturing line is prohibited by the German Federal Ministry of Economic Affairs and Climate Action
Nov 10,2022
Sai Microelectronics released an announcement that on the evening of November 9, 2022, the company and its domestic and foreign subsidiaries received the official decision document from the German Federal Ministry of Economic Affairs and Climate Action, prohibiting Sweden Silex from acquiring Germany FAB5. Because of the ban, this acquisition transaction, which should have come to an end, cannot be continued and completed. The parties involved in the transaction will analyze the decision documents of the German Federal Ministry of Economic Affairs and Climate Action in detail and decide on further actions to be taken subsequently.
Sai Microelectronics pointed out that the company deeply regrets the final official decision of the German Federal Ministry of Economic Affairs and Climate Action. The company will continue to be optimistic about and attach importance to the auto chip industry and related business layout.
It is reported that on December 14, 2021, Sai Microelectronics officially announced that its wholly-owned subsidiary Silex Microsystems AB of Sweden and Elmos Semiconductor SE of Germany signed the Equity Purchase Agreement. Sweden Silex plans to purchase the assets related to Elmos's automobile chip manufacturing line for 84.5 million euros (including 7 million euros of work in progress).
In January 2022, Sweden Silex submitted the application for FDI (Foreign Direct Investment) of this acquisition transaction to the German Federal Ministry of Economic Affairs and Climate Action. Since then, Silex of Sweden and Elmos of Germany have kept close contact with the Federal Ministry for Economic Affairs and Climate Action of Germany. This intense review process lasted about 10 months.
Sai Microelectronics pointed out that the company deeply regrets the final official decision of the German Federal Ministry of Economic Affairs and Climate Action. The company will continue to be optimistic about and attach importance to the auto chip industry and related business layout.
It is reported that on December 14, 2021, Sai Microelectronics officially announced that its wholly-owned subsidiary Silex Microsystems AB of Sweden and Elmos Semiconductor SE of Germany signed the Equity Purchase Agreement. Sweden Silex plans to purchase the assets related to Elmos's automobile chip manufacturing line for 84.5 million euros (including 7 million euros of work in progress).
In January 2022, Sweden Silex submitted the application for FDI (Foreign Direct Investment) of this acquisition transaction to the German Federal Ministry of Economic Affairs and Climate Action. Since then, Silex of Sweden and Elmos of Germany have kept close contact with the Federal Ministry for Economic Affairs and Climate Action of Germany. This intense review process lasted about 10 months.