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London/Berlin
CNN Business
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The German government has blocked the sale of one of its semiconductor factories to a Chinese-owned tech company because of security concerns.
Germany’s economic ministry said in a statement that it had prohibited Elmos Semiconductor, which makes chips for the automotive industry, from selling its factory in Dortmund to Silex, a Swedish subsidiary of China’s Sai Microelectronics.
The decision had been taken “because the acquisition would have endangered the public order and safety of Germany,” the ministry said in a statement.
Silex announced in December that it had signed an agreement with Elmos to buy the factory for €85 million ($85.4 million).
Silex did not immediately respond to CNN Business’ request for comment. Elmos said in a statement that both companies regretted the government’s decision.
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