Early evening skyline in Frankfurt, Germany. A Chinese investment fund has made a
takeover offer for German chip maker Aixtron SE.
Aixtron SE shares surged Monday after Chinese entrepreneur Zhendong Liu made a takeover offer for the German chip maker, valuing the company at €670 million ($751 million), the latest in a series of acquisitions fueled by China’s appetite for European expertise.
China’s Fujian Grand Chip Investment Fund LP, 51%-owned by Zhendong Liu and 49%-owned by Xiamen Bohao Investment Ltd., offered €6 per Aixtron share, Aixtron said. The German unit conducting the takeover is called Grand Chip Investment GmbH.
The deal comes on the heels of a bid by Chinese home appliance maker Midea Group last week for German robotics specialist Kuka AG valued at over $5 billion, the biggest inbound China deal in Germany to date. It also follows a $43 billion bid for Swiss seed and chemical company Syngenta AG by China National Chemical Corp. in February.
At midday, Aixtron shares were trading up 16% at €5.56. DZ Bank said a takeover would be “a kind of relief” for Aixtron, which needs financial resources to deepen research and development. Equinet noted the deal would likely strengthen Aixtron’s goals in Asia, while maintaining the existing setup at production facilities.
Fujian Grand Chip Investment Fund is financed by the state fund Sino IC, which manages assets of around $20 billion and targets acquisitions in the semiconductor industry, a person familiar with the deal said.
The Aixtron offer is a 50.7% premium on the three-month weighted average share price, and both the executive and supervisory boards support the offer, it added. The voluntary public offer is for all of Aixtron’s shares outstanding, including those represented by American depository shares.
Last year, Aixtron’s revenue came to €197.8 million, but the company suffered a loss before interest and taxes of €26.7 million, narrower than the loss of €58.3 million in 2014.
Aixtron said Chief Executive Martin Goetzeler and Chief Operating Officer Bernd Schulte would remain in position following the takeover, and its technology hubs in Germany, the U.K. and the U.S. wouldn't be affected.
The offer depends on a minimum acceptance rate of 60%, as well as regulatory approvals.
“Aixtron and FGC view the transaction as an opportunity to grow and to expand the company and its workforce—the transaction isn't directed toward cost or staff reductions,” the company said.
Wall Street Journal
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