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Obama blocks proposed takeover Germany's Aixtron
Source: Associated Press
Obama blocks proposed takeover Germany's Aixtron
Dec. 2, 2016 5:33 PM EST
WASHINGTON (AP) — President Barack Obama is blocking a Chinese firm's proposed takeover of a German manufacturing company, saying the deal poses a security risk.
The Treasury Department announced Friday that Obama would veto semiconductor maker Fujan Grand Chip's acquisition of the U.S. business of Aixtron SE. The move threatens to scuttle the deal.
Treasury says in a statement that the administration believes Aixtron's technology has "military applications."
Obama's decision upholds a recommendation from the Committee on Foreign Investment in the U.S., which reviews foreign purchases of U.S. companies.
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Dec. 2, 2016 5:33 PM EST
WASHINGTON (AP) — President Barack Obama is blocking a Chinese firm's proposed takeover of a German manufacturing company, saying the deal poses a security risk.
The Treasury Department announced Friday that Obama would veto semiconductor maker Fujan Grand Chip's acquisition of the U.S. business of Aixtron SE. The move threatens to scuttle the deal.
Treasury says in a statement that the administration believes Aixtron's technology has "military applications."
Obama's decision upholds a recommendation from the Committee on Foreign Investment in the U.S., which reviews foreign purchases of U.S. companies.
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Read more: http://bigstory.ap.org/article/7b775fae48a7427db4c099c8ff6610b6/china-us-avoid-politics-purchase-germanys-aixtron
