Work not completed China macro core to give up the acquisition of Ace strong

China macro core investment fund yesterday (8) officially announced that the acquisition of the German chip firm Ace has failed, the terms of the transaction has been unable to achieve, will refund the purchase of all Axitron shares.

Review the development process of the whole thing, macro core investment fund the acquisition would have German government approval, when all the people think that That's final. on the occasion, the United States government suddenly on "national security" grounds, repeatedly intervention, resulting in the final acquisition work not completed.

Horizontal insertion

Ace (Axitron) company was founded in 1983, is a German semiconductor equipment suppliers, is currently operating difficulties and loss. In May this year, Chinese Fujian hongsin fund expressed interest in the acquisition of Ace, and issued a formal offer document at the end of July, the acquisition of approximately 670 million euros ($715 million).

September 8th, the German Ministry of Economic Affairs approved the acquisition. But by October 24th, the German government has suddenly announced the revocation of approval, restart the evaluation process. According to the macro core Fund announcement, its strong bid for Ace has ended in October 21st, and has paid off about 65% of Ace's shares, enough to make the transaction through, only to be notified by the Ministry of economic affairs canceled notice.

German business daily (Handelsblatt) at 25 local time, said the German government to withdraw from the acquisition of Ace's strong approval from the u.s.. The report quoted a German intelligence sources said, "the United States intelligence through the Embassy in Berlin to the German prime minister's office, Ministry of economic affairs, Ministry of interior, Department of defense representative submitted a report, to remind Chinese may be obtained from the German Ace strong technology used for military purposes. Although the German side insisted that the relevant evidence, the United States ultimately did not provide.

Irresponsible"

The German government was severely condemned Ace "promise and then deny in succession" strong shareholder.

October 26th, Ace's largest shareholder Argonaut Capital on the official website issued a strongly worded statement, condemned the German government to revoke the approval of the act is extremely irresponsible".

Argonaut Capital is a London based investment company with a 8% stake in Ace's largest shareholder. The announcement that the full color charges of conspiracy theory is completely untenable, "if this logic holds, then China investors to mergers and acquisitions of German steel enterprises can also stop for this reason, because the steel can be used to build tanks".

China commerce ministry spokesman Shen Danyang said, hope that Germany will restart the review "is only the case, does not represent Germany to change its economic policy, because the move is not conducive to the development of two-way investment between China and Germany and the overall situation of economic and trade cooperation.

Ace strong also responded that, if Obama blocked it was acquired by the acquisition of investment funds, will have to take measures to balance the income and cost, including layoffs.

For outside criticism, a spokesman for the German Ministry of economic affairs on Friday (December 2nd), said the United States agreed to assess the acquisition of Ace in Germany, China has no impact on the transaction, the assessment is underway. But he declined to comment on media reports that Mr. Obama would block the deal.

The same day, Chinese Foreign Ministry spokesman Geng Shuang also said that this is a normal commercial deal, do not want to give too much external political interpretation of the normal business activities, but it should not interfere politics.

Presidential decree

But Americans still undaunted.

The spokesman, Carter, the U.S. Treasury Department on the same day said in a statement Friday, Obama issued a presidential decree, said there is "credible evidence" that, after Chinese Fujian hongsin fund for the acquisition of Ace and its branches in the United States, may endanger the national security of the United States to take action.

The United States government said that Ace's strong technology used in U.S. military equipment, so there are national security risks. This is the third time in the past thirty years that the US president has stopped Chinese companies from buying the goods on security grounds.

On Monday, Chinese Foreign Ministry spokesman Lu Yi said again that China Fujian macro core investment fund to acquire the German Ace strong pure market behavior, the Chinese side against this political intervention in the wrong approach". He said: "I hope the United States cease to make groundless accusations to provide a fair environment China enterprises, and convenient conditions for the Chinese business investment, in the long run, this serves the common interests of all parties. "

But the Chinese government has repeatedly failed to change the outcome of the final failure of the acquisition.

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