FRANKFURT, Jan. 14 () – German chipmaker Siltronic has approved the sale of Taiwan’s GlobalWafers, a key requirement of the deal, less than three weeks before it expires, Siltronic said Friday.
The German Federal Ministry for Economic Affairs and Climate has until Jan. 31 to approve the € 4.35 billion ($ 4.97 billion) sale agreed about a year ago. Otherwise the deal will be broken.
Siltronic and GlobalWafers said in a recent discussion with the ministry that they had “received information from GlobalWafers about the possibility of a mass takeover of Siltronic AG … and under what conditions.”
Siltronic said the ministry “did not report any specific obligations or conditions under which a formal formalization decision could be made.”
GlobalWafers acquired a major stake in Siltronic last year and initially hoped the deal, which aims to create the world’s second-largest manufacturer of 300mm wafers, would be completed by the end of 2021. ($ 1 = € 0.8761) (Report by Christoph Steitz and Alexander Huebner; edited by Cynthia Osterman)