The multi-billion takeover of the semiconductor group Siltronic by the Taiwanese competitor Globalwafers threatens to fail due to opposition from the federal government.

Although Globalwafers says it has offered wide-ranging concessions, Berlin is keeping the companies unclear as to the conditions under which the transaction could be approved.

Globalwafers confirmed to the FAZ that Berlin had been offered the option of a "golden share" and the reversal of the transaction in order to allay concerns.

Ilka Kopplin

Business correspondent in Munich.

  • Follow I follow

With a golden share, the federal government would receive special voting rights.

A reversal of the purchase could also mean that the federal government takes over shares in the company.

So far, however, Globalwafers' proposals have not led to a decision by the Federal Ministry of Economics.

"All questions are answered"

The two companies have not yet received any information as to "whether and under what circumstances a foreign trade clearance certificate" can be issued for the takeover, Siltronic said in a mandatory announcement on Friday. According to the Ministry, a security agreement is apparently not suitable to eliminate concerns about the transaction. Siltronic explained that "no specific commitments or conditions were mentioned" under which approval could be granted.

The Ministry is examining the transaction from the point of view of economic security.

!!!!!!!!

A spokeswoman said on Monday that they did not want to be put under pressure.

Audits in the field of foreign trade are often very complex and must also be precise.

She is currently unable to provide any details, such as the duration of the process.

Globalwafers believes the concern is unfounded because it already has a strong manufacturing base in Europe.

The company has been Europe's largest wafer supplier for years.

The Taiwanese have 2,000 employees in Europe, the same as in America and more than in Taiwan.

4.4 billion euro valuation 

"We believe that we have addressed all concerns in Germany constructively and comprehensively," said a company spokesman for the FAZ. The transaction is of enormous importance for Germany and Europe, as it would secure urgently needed investments and know-how. Globalwafers also emphasized that the deal "would secure a very strong and reliable partner for the European semiconductor industry".

This can be read as a cautious indication that the company could orient itself differently internationally in the event of a cancellation. The time for the decision is pressing. All permits must be received by the end of January, otherwise the sale will be canceled. In addition to the decision of the Federal Ministry of Economics, the approval of the Chinese antitrust authorities is still pending. According to Globalwafers CEO Doris Hsu, this should be imminent. “We are still waiting for the final approval in China. But all questions have been answered," Hsu said last week. Apparently it is only a technical procedure.

The deal has already been approved by authorities in Europe, America, Korea and Japan and by the German cartel office.

The takeover would make Globalwafers the second largest supplier of silicon wafers after the Japanese Shin-Etsu Group.

The acquisition values ​​Siltronic at almost 4.4 billion euros.