FGC not scrapping €670m bid for Aixtron... for now

Frankfurt: Fujian Grand Chip Investment Fund LP (FGC) said on Tuesday the German government’s move to withdraw approval of its takeover of German chip equipment maker Aixtron did not necessarily mean it would scrap its bid.

Aixtron had said on Monday that Berlin had withdrawn its approval, throwing up an unexpected hurdle for the €670-million ($728 million; Dh2.67 billion) deal on the home stretch. “The bidder is currently examining the legal implications of the letter in which the Economy Ministry withdrew the clearance certificate,” Grand Chip Investment GmbH, the takeover vehicle of the Chinese investment fund controlled by businessman Zhendong Liu, said.