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LONDON/BERLIN/FRANKFURT, July 12 (Reuters) - Germany has become the first European Union country to tighten its rules on foreign corporate takeovers, following a series of Chinese deals giving access to Western technology and expertise. The new regulations will allow the German government to block takeovers if there is a risk of critical technology being lost abroad.
The United States should not block Chinese acquisitions of U.S. semiconductor technologies, a leading state think-tank in Beijing said on Wednesday, as Washington heightens scrutiny of Chinese investments in the sector. Acquisitions and joint ventures are becoming more difficult for Chinese firms, Hu Zhijian, president of the Chinese Academy of Science and Technology for Development (CASTED), told reporters in Beijing on Wednesday. "It is not wise for the U.S. to close its doors in industries that are declining in profit ... the United States should step forward and develop new technology areas," said Hu.
German chipmaker Infineon and U.S. LED lighting maker Cree warned that Cree's planned sale of Wolfspeed Power and RF to Infineon might not go ahead, citing security concerns by the U.S. government. The Committee on Foreign Investment in the United States (CFIUS) informed the two companies that the deal poses a risk to U.S. national security, Infineon said on Wednesday, adding that CFIUS had so far not identified any mitigation measures.