Trump blocks Chinese takeover of US chip company
ELECTED PRESIDENT Donald Trump has acted to prevent the sale of a US semiconductor company to a Chinese money firm and got his way, as he has for what must have been most of his life.
Lattice Semiconductor and Canyon Bridge Capital Partners were due to tie the business knot until Trump remembered that he wanted to make America great and didn’t actually trust any country that was not the glorious USA.
Lattice Semiconductor does not see this as much of a win and you get the impression that it would rather have been left to do business on its own terms, and boost the local economy and employment opportunities.
« The transaction with Canyon Bridge was in the best interests of our shareholders, our customers, our employees and the United States, » said Darin G. Billerbeck, CEO of Lattice Semiconductor in a statement.
« We also believe our CFIUS mitigation proposal was the single most comprehensive mitigation proposal ever proposed for a foreign transaction in the semiconductor industry and would have maximized United States national security protection while still enabling Lattice to accept Canyon Bridge’s investment and double American jobs.
« While it is disappointing that we were not able to prevail, the Board and I would like to thank Canyon Bridge for their support during this time.
« We will continue to focus on initiatives that will contribute to Lattice’s long term success, specifically in areas where our affordable, low power, small form factor devices create advantages. Additionally, we remain committed to achieving profitable growth by extending processing and connectivity solutions beyond our core business. Lattice’s future remains bright. »
Trump’s argument, in case you have not worked it out, is that China is not the sort of country that can sustain businesses that do not hack oversees businesses and as such cannot be trusted. The message is clear, Lattice is not allowed to be sold to a Chinese company.
« Any transaction or other device entered into or employed for the purpose of, or with the effect of, avoiding or circumventing this order is prohibited, » says the official White House Order.
« The Attorney General is authorized to take any steps necessary to enforce this order. » µ
