(Bloomberg) --
Germany is unlikely to complete a review of GlobalWafers Co.'s planned takeover of Siltronic AG by Monday, according to a person familiar with the matter.
The deadline for GlobalWafers to secure all approvals for the transaction expires at midnight, and Germany's Economy Ministry is unlikely to reach a decision within the time frame, said the person, who asked not to be identified because the deliberations are private. Without the signoff, the $5 billion deal would collapse.
The government's review remains ongoing, Economy Ministry spokeswoman Beate Baron said Monday at a regular government press briefing in Berlin. She declined to comment further.
The Taiwanese semiconductor company has struggled to win over Germany with governments around the world on alert over the risk of losing out on key technology. At a closed-door meeting on Friday, GlobalWafers Chief Executive Officer Doris Hsu failed to resolve the government's concerns.
The meeting was likely the Taiwanese firm's final opportunity to convince Germany to back the deal. The company had already offered the government special voting rights via a “golden share” as well as ways to undo the purchase or sell back key assets in Munich-based Siltronic.
©2022 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
