Chinese company withdraws takeover bid of German chip equipment maker

BERLIN - China's Fujian Grand Chip Investment Fund (FGC) announced on Thursday on its website to withdraw its offer for German chip equipment maker Aixtron.

FGC said in the announcement that the takeover offer has lapsed. Meanwhile, already acquired papers would be expected to be re-booked on December 13.

Aixtron's CEO Martin Goetzeler told the German newspaper Handelsblatt that he is disappointed and now authority agencies are needed in the interest of security and jobs.

Goetzeler added that Aixtron would be threatened to face hard cuts and losses of jobs without the sale.

"We have noted that the bidder has withdrawn his offer to take over Aixtron," a spokesman for the Germany Federal Ministry for Economic Affairs and Energy (BMWi) was quoted as saying by German media.

This means that the examination of the federal government for the issue of a clearance certificate is no longer necessary, the spokesman added.

In October, BMWi suddenly withdrew the clearance certificate for FGC. The ministry then reopened the review of the 670 million euro ($715 million) deal after it was initially approved on Sept 8.

Last week, US President Barack Obama blocked FGC's purchase of Aixtron's US business despite objections from China.