Saturday, September 11, 2021

#UK: Chinese Firm's Takeover Of UK Chip Company Investigated

[world politics news]

The Chinese firm behind the purchase of Britain's largest chip manufacturing facility earlier this summer has admitted that the acquisition could be unwound as the U.K. government reviews the takeover.

Shanghai-headquartered Wingtech Technologies warned shareholders in a note this week that "domestic and foreign industry policies" present a risk to the takeover of Newport Wafer Fab, which is located in South Wales. The news was first reported by The Telegraph newspaper.

The warning comes after British Prime Minister Boris Johnson ordered Stephen Lovegrove, the U.K.'s national security advisor, to investigate the deal. A decision could be announced in the coming days.


World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

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